Topix in Tokyo Extend 3-day Losses; Hakuhodo, Meiko in Focus

Hiruki Nakamura
09 Jul, 2014
New York City

Stocks in Tokyo declined for the third day in a row led by the decline in cargo shipping companies and financial brokers. New vehicle tire sales in Japan increased 4.5% in June. Meiko Network Japan said third quarter revenues increased 3.2%.

[R]4:30 PM Tokyo – Stocks in Tokyo declined for the third day in a row led by the decline in cargo shipping companies and financial brokers. New vehicle tire sales in Japan increased 4.5% in June. Meiko Network Japan said third quarter revenues increased 3.2%.[/R]

Stocks in Japan declined for the third day in a row and the Topix index extended 3-day losses to more than 1%. Shipping companies and financial brokers led the decline.

The Nikkei 225 Stock Average fell 11.76 to 15,302.65 and the broader Topix index slid 4.88 to 1,270.82.

The yen slipped and closed at 101.63 against one U.S. dollar.

Stocks in Review

AFC-HD AMS Life Science Co., Ltd rose 0.3% to 728 yen after the healthcare food, cosmetics and pharmaceuticals group said net sales in the third-quarter ending in May dropped 3.4% to 10.42 billion yen from 10.79 billion yen a year ago period.

Net income in the quarter tumbled 36.7% to 277 million yen compared to 438 million yen and diluted earnings per share slumped to 23.16 yen from 36.75 yen a year earlier.

The company lowered its revenue forecast for the fourth-quarter ending in August to 14 billion yen from 15 billion yen and net profit to decline to 400 million yen from 550 million yen a year ago.

Bridgestone Corporation jumped 1.6% to 3,720 yen after the Japan Automobile Tyre Manufacturers Association said new vehicle tire sales in June climbed 4.5% compared to a year ago month.

Hakuhodo Dy Holdings Inc slipped 1.2% to 1,011 yen after the advertising company reported total revenue in June surged 10.9% to 53.98 billion yen from a year ago month.

The company said revenues from newspaper business soared 9.7% to 3.25 billion yen and revenues from television segment climbed 10% to 26.15 billion yen from a year earlier.

Meiko Network Japan Co., Ltd slid 0.08% to 1,300 yen after the school tests services provider stated net sales in the third-quarter ending in May increased 3.2% to 11.01 billion yen from 10.67 billion yen a year ago.

Net income in the quarter dropped 3% to 1.37 billion yen compared to 1.41 billion yen and earnings per share slipped to 49.70 yen from 51.25 yen a year earlier.

Nihon Enterprise Co., Ltd surged 7.2% to 282 yen after the mobile content provider said net sales in the year ending in May climbed 9.1% to 4.51 billion yen from 4.13 billion yen a year ago period.

Net income in the year soared 23.1% to 437 million yen compared to 354 million yen and diluted earnings per share jumped to 11.56 yen from 9.41 yen a year earlier.