Nikkei in Tokyo Rebounds 0.9%

Hiruki Nakamura
15 Oct, 2014
New York City

Stocks in Tokyo rebounded and commodities in Asia traded lower after China reported lower than expected inflation in September. Adreans Company, the maker of wigs said first-half net sales rose 20% but net plunged 48%.

[R]4:30 PM Tokyo – Stocks in Tokyo rebounded and commodities in Asia traded lower after China reported lower than expected inflation in September. Adreans Company, the maker of wigs said first-half net sales rose 20% but net plunged 48%.[/R]

Stocks in Tokyo closed higher and commodities traded with a downward bias in Asia after China reported smaller than expected inflation in September.

Consumer price index in September increased 1.6% after rising at 2% in August, according to the government agency in China. The inflation is well below the target of 3.5% set by the government.

The Nikkei 225 Stock Average jumped 137.01 or 0.9% to 15,073.52 and the broader Topix index gained 9.40 to 1,223.67.

The yen gained 0.2% and closed at 107.41 against one dollar.

Stocks in Review

Aderans Company Limited climbed 2.4% to 1,255 yen after the wigs maker reported net sales in the first-half ending in August soared 20.6% to 37.25 billion yen from 30.88 billion yen a year ago period.

Net income in the quarter tumbled 48.4% to 1.39 billion yen compared to 2.70 billion yen and diluted earnings per share declined to 37.82 yen from 73.39 yen in the same quarter of a year ago.

GLP J-Reit dropped 2% to 120,700 yen after the real estate investment company said revenue in the first-half ending in August plunged 15.4% to 9.32 billion yen from 8.08 billion yen a year ago period.

Net income in the quarter slipped 2.4% to 3.97 billion yen compared to 4.07 billion yen and earnings per share decreased to 1,893 yen from 1,974 yen in the same quarter of a year ago.

Kewpie Corporation gained 0.7% to 1,790 yen after the food retailer reported net sales in the third-quarter ending in August jumped 4.5% to 412.81 billion yen from 395.13 billion yen a year ago period.

Net income in the quarter climbed 4.2% to 10.70 billion yen compared to 10.28 billion yen and earnings per share jumped to 71.20 yen from 68.64 yen in the same quarter of a year ago.

Softbank Corp climbed 2.2% to 7,026 yen after the mobile communication service provider agreed to acquire South- Korea based DramaFever Corp, the web site that offers free and subscription-based access to foreign movies and TV shows for an undisclosed amount.

Separately, the company signed a contract with Japan-based Geniee Inc to acquire 32.9% stake in advertising business.

Tosei Corporation jumped 2.7% to 638 yen after the real estate developer lifted revenue forecast for the year ending in November to 49.56 billion yen from 41.82 billion yen and net profit to increase 2.81 billion yen from 2.31 billion yen.