Tokyo Rally in Fifth Day, Topix in 7-day Advance

Hiruki Nakamura
19 Aug, 2014
New York City

Stocks in Tokyo gained for the fifth day and Topix Index closed higher for the seventh day in a row. Resource linked stocks were actively traded after oil and metals prices eased and geopolitical tensions eased. The yen traded above 102 against one dollar.

[R]4:30 PM Tokyo – Stocks in Tokyo gained for the fifth day and Topix Index closed higher for the seventh day in a row. Resource linked stocks were actively traded after oil and metals prices eased and geopolitical tensions eased. The yen traded above 102 against one dollar.[/R]

Stocks in Tokyo advanced for the fifth day and Topix gained for the seventh day in a row after geopolitical tensions eased.

Russia and Ukraine appeared to work on a plan to ease tensions after a five-hour talk between foreign ministers of two neighbouring nations in Germany.

Also, Israel and Palestine continued the on-again off-again truce for two more days but selective Palestinian rockets firing and targeted Israeli air strike continued.

However, in international markets, oil price declined for immediate delivery and one barrel of oil decreased $1.62 to $94.79. Moreover, gold fell 0.2% and silver declined 1% and copper eased 0.5%.

The Nikkei 225 Stock Average jumped 127.19 or 0.8% to 15,449.79 and the broader Topix index gained 9.03 to 1,280.29.

The yen closed at 102.60 against one U.S. dollar.

Stocks in Review

Nippon Electric Glass Co., Ltd gained 0.9% to 532 yen after the glass manufacturer reported net sales in the first-quarter ending in June jumped 5.5% to 65.44 billion yen from 62 billion yen a year ago period.

Net income in the quarter surged 61.8% to 3.01 billion yen compared to 1.86 billion yen and earnings per share climbed to 6.06 yen from 3.74 yen a year earlier.

Nitta Gelatin Inc dropped 1.6% to 883 yen after the gelatins and collagen materials producer said net sales in the first-quarter ending in June edged up 0.3% to 8.02 billion yen from 7.99 billion yen a year ago period.

Net income in the quarter declined 57.8% to 158 million compared to 375 million yen and earnings per share dropped to 8.64 yen from 23.84 yen a year earlier.

Mitsubishi Materials Corp increased 1.4% to 362 yen after the specialty metal and construction materials maker reported net sales in the first-quarter ending in June rose 2.2% to 366.93 billion yen from 359.13 billion yen a year ago period.

Net income in the quarter tumbled 46.4% to 9.51 billion yen compared to 17.33 billion yen and earnings per share plunged to 7.26 yen from 13.53 yen a year earlier.