Nikkei in 2-day Losses and Yen at 4-week High on Weakening Commodities Prices

Hiruki Nakamura
14 Jan, 2015
New York City

Nikkei index extended two-day losses over 2.5% and the yen gained to a four-week. Crude oil, iron ore and copper prices continued the decline in international markets. Aderans Co said nine-month sales soared 15.9%.

[R]4:30 PM Tokyo – Nikkei index extended two-day losses over 2.5% and the yen gained to a four-week. Crude oil, iron ore and copper prices continued the decline in international markets. Aderans Co said nine-month sales soared 15.9%.[/R]

Stocks in Tokyo declined for the second day in a row as the yen advanced to a four-week high and crude oil, iron ore and copper prices continued the decline.

The Nikkei 225 Stock Average dropped 291.75 or 1.7% to 16,795.96 and the broader Topix index slid 16.71 to 1,357.98.

The yen strengthened to 117.06 against one dollar.

Stocks in Review

Aderans Co Ltd gained 1.7% to 1,087 yen after the wig maker said net sales in the nine-month ending in November soared 15.9% to 56.05 billion yen from 48.36 billion yen a year ago period.

Net income in the period surged 39.2% to 4.12 billion yen compar4d to 2.96 billion yen and diluted earnings per share jumped to 112.43 yen from 80.24 yen in the same period a year ago.

Bic Camera Inc rose 0.7% to 1,274 yen after the audio and visual product retailer reported net sales in the first-quarter ending in November slid 0.1% to 183.42 billion yen from 185.26 billion yen a year ago period.

Net income in the quarter soared 57.3% to 1.39 billion yen compared to 884 million yen and diluted earnings per share jumped to 7.41 yen from 5.15 yen in the same period of a year ago.

Mizuho Bank, the subsidiary of Mizuho Financial Group Inc agreed to lend $3 billion to the U.S. based AT&T Inc. to buy wireless airwaves in the United States.

According to media reports, the telecom giant is estimated to spend around $20 billion in the auction.

Nitto Denko Corporation slipped 0.8% to 6,772 yen after the Nikkei business daily reported the diversified manufacturer is likely to report operating profit for the year ending in March of more than 100 billion yen compared to previous estimate of 88 billion yen on strong sales of smart-phone and tablets and weaker yen.