Nikkei Extends Weekly Gain to 2.3%

Hiruki Nakamura
20 Feb, 2015
New York City

Nikkei stock average in Tokyo extended weekly gain and banks and financial services led the gainers. For the week, Nikkei index gained 2.3% on yen weakness. ANA is looking to offer financial support to the bankrupt Skymark Airlines.

[R]4:30 PM Tokyo – Nikkei stock average in Tokyo extended weekly gain and banks and financial services led the gainers. For the week, Nikkei index gained 2.3% on yen weakness. ANA is looking to offer financial support to the bankrupt Skymark Airlines.[/R]

Stocks in Tokyo extended weekly gain and closed at a new 15-year high after investors bid up banking and financial services stocks for the second day.

The manufacturing sector continued to expand after preliminary industry index in February of 51.5 from 52.2 in January, the latest survey from Markit Economics reported today.

The Nikkei 225 Stock Average gained 67.51 or 0.4% to 18,332.30 and the broader Topix index rose to 5.40 to 1,500.33.

For the week, Nikkei 225 climbed 2.3%.

The yen traded at 118.66 against one dollar.

Stocks in Review

ANA Holdings Inc slipped 0.7% to 320.10 yen after the airline is looking to financial support to bankrupt Skymark Airlines including capital and help negotiate debt of $700 million.

Separately, today the Kyodo News reported Shinsei Bank Ltd and Daiwa Securities Group Inc have offered to participate in the loan restructuring of budget carrier, earlier country’s travel agency H.I.S. also extend to support bankrupt airliner and agreed for sponsorship deal worth 9 billion yen.

Hokuetsu Kishu Paper Co Ltd jumped 2.3% to 573 yen after the Nikkei news said the company plans to acquire Canadian pulp producer Alpac Forest Products from Mitsubishi Corp. and Oji Holdings that holds stakes of about 80% and 20% respectively for about 6 billion yen.

Mitsubishi Heavy Industries Ltd rose 0.4% to 650.10 yen after the diversified manufacturer may win an order worth 400 billion yen from state-run railway company of Qatar to build a subway system in Doha of the Middle East and plans to commence the subway in October 2019.

Mitsui & Co Ltd fell 0.6% to 1,613.50 yen after the trading company agreed to acquire 25.1% stake in Bahrain-based aluminum products supplier Gulf Aluminum Rolling Mill Company Singapore for an estimated 700 million yen.