5-day Decline in Japan Indexes, Asahi Group Net Surges 25%

Hiruki Nakamura
06 Aug, 2014
New York City

Stocks in Tokyo closed lower for the fifth day in a row and the yen traded above 102 level against the U.S. dollar. Asahi Group said quarterly net surged 25%. The largest trading company Mitsui & Co Ltd reported a slight decline in earnings on weak petroleum and commodities sales.

[R]4:30 PM Tokyo – Stocks in Tokyo closed lower for the fifth day in a row and the yen traded above 102 level against the U.S. dollar. Asahi Group said quarterly net surged 25%. The largest trading company Mitsui & Co Ltd reported a slight decline in earnings on weak petroleum and commodities sales.[/R]

Stocks in Tokyo extended losses for the fifth day and investors focused on domestic earnings. Softbank declined after reports that the company’s U.S. wireless unit Sprint Corp has ended merger talks with the T-Mobile U.S. after a competing bid from the fourth largest carrier in France.

The Nikkei 225 Stock Average slumped 160.52 or 1% to 15,159.79 and the broader Topix index fell 12.24 to 1,251.29.

The yen closed at 102.53 against one U.S. dollar.

Stocks in Review

Asahi Group Holdings Ltd slipped 0.7% to 3,129.50 yen after the alcohol beverages maker reported revenues in the second-quarter ending in June jumped 3.9% to 811.27 billion yen from 780.75 billion yen a year ago period.

Net income in the quarter surged 25.5% to 19.36 billion yen compared to 15.42 billion yen and diluted earnings per share increased to 39.69 yen from 33.84 yen a year earlier.

Mitsui & Co Ltd rose 0.2% to 1,643 yen after the trading company said revenue in the first-quarter ending in June dropped 2.6% to 1.37 trillion yen from 1.41 trillion yen a year ago period.

Net income in the quarter declined 3.9% to 127.81 billion yen compared to 132.97 billion yen and diluted earnings per share fell to 71.30 yen from 72.85 yen a year earlier.

Nippon Telegraph And Telephone Corp declined 2.8% to 6,571 yen after the mobile communication service provider reported revenues in the first-quarter ending in June increased 1.2% to 2.64 trillion yen from 2.61 trillion yen a year ago period.

Net income in the quarter plunged 10.6% to 148.96 billion yen compared to 166.72 billion yen and earnings per share slipped to 134.22 yen from 141.29 yen a year earlier.

North Pacific Bank Ltd fell 0.5% to 413 yen after the banking services provider said interest income in the first-quarter ending in June plummeted 21.4% to 38.70 billion yen from 49.22 billion yen a year ago period.

Net income in the quarter tumbled 48.1% to 7.11 billion yen compared to 13.70 billion yen and diluted earnings per share jumped to 19.26 yen from 17.82 yen a year earlier.

Sankyo Co., Ltd slid 1.2% to 4,030 yen after the engineering company reported net sales in the first-quarter ending in June plunged 67.4% to 20.69 billion yen from 63.45 billion yen a year ago period.

Net in the quarter swung to a loss of 1 billion yen compared to profit of 16.28 billion yen and diluted loss per share swung to a 10.76 yen from earnings per share of 174.14 yen a year earlier.