Stocks in Japan Rest, Mitsui Fudosan to Raise $3.6 Billion

Hiruki Nakamura
27 May, 2014
New York City

Stocks in Tokyo opened higher but market indexes trimmed the day

[R]4:30 PM Tokyo – Stocks in Tokyo opened higher but market indexes trimmed the day’s advance at close. The yen held firm near 2-month high and investors looked for signs of growth in corporate earnings. Mitsui Fudosan is looking to raise as much as $3.6 billion.[/R]

In the afternoon trading, stocks in Tokyo pared gains of the session and investors focused on domestic earnings and developments in Europe.

The Bank of Japan said corporate service prices in April climbed 3.4% following the 0.7% increase in March.

The Nikkei 225 Stock Average rose 34 or 0.2% to 14,636.52 and the broader Topix index inched up 0.42 to 1,195.11.

The yen held at 101.91 against one U.S. dollar.

European Central Bank President Mario Draghi signaled central bank’s readiness to act and offer more stimulus in June if the latest inflation data stay below expectations.

Stocks in Review

Toyota Motor Corp slid 14 yen to 5,585 yen. Honda Motor Co rose 4 yen to 3,569 yen. Nissan Motor Co Ltd slipped 1.1% to 910 yen.

Sony added 2 yen to 1,685 yen.

Softbank Corp gained 26 yen to 7,144 yen. Fast Retailing Co Ltd jumped 270 yen to 33,825 yen.

Fuji Heavy Industries Ltd jumped 1% to 2,661 yen after the industrial machinery and Subaru branded auto maker forecasted operating profit to jump in the quarter ending in March to a range between 100 billion yen to 200 billion yen.

Komori Corporation rose 0.1% to 1,316 yen after the printing equipment maker reported net sales in the year ending in March surged 132% to 918 million yen from 698 million yen a year ago.

Net in the year swung to profit 137 billion yen compared to a loss of 19 billion yen and earnings per share rose to 144.54 yen from 144.41 yen a year earlier.

Mitsui Fudosan Co Ltd increased 0.7% to 3,340 ye after the real estate developer plans to raise up to 367.4 billion yen or $3.6 billion through a stock offering.

Paltac Corporation closed unchanged at 1,283 yen after the wholesaler of cosmetics said net sales in the year ending in March jumped 5.9% to 831.90 billion yen from 785.83 billion yen a year ago.

Net income in the year climbed 9.4% to 9.18 billion yen compared to 8.40 billion yen and earnings per share rose to 144.54 yen from 144.41 yen a year earlier.

Unitika Ltd tumbled 19.3% to 46 yen after the textile exporter requested capital infusions from its lenders and intends to issue new shares to raise 37.5 billion yen or $364 million from three banks.