Weekly Rise of 1.9% in Nikkei in Tokyo, Mitsubishi Motors in Focus

Hiruki Nakamura
24 Apr, 2015
New York City

Nikkei in Tokyo closed lower on Friday but gained 1.9% in the week when the index closed above for the first time in 15 years. Exedy Corp said fiscal year net declined 23%. Mitsubishi Motors estimated first-half sales to decline 1.5%. Monex Group fiscal year net plunged 67%.

[R]4:30 PM Tokyo – Nikkei in Tokyo closed lower on Friday but gained 1.9% in the week when the index closed above for the first time in 15 years. Exedy Corp said fiscal year net declined 23%. Mitsubishi Motors estimated first-half sales to decline 1.5%. Monex Group fiscal year net plunged 67%.[/R]

Market indexes in Tokyo closed lower but for the week the Nikkei index jumped 1.9% after foreign investors piled in banking stocks and estimated more weakness in the yen.

The Nikkei 225 Stock Average slipped 167.61 or 0.8% to 20,020.04 and the broader Topix index fell 6.03 to 1,618.84.

For the week, Nikkei 225 climbed 1.9%.

The yen closed at 119.22 against a dollar.

Stocks in Review

Exedy Corporation slid 0.1% to 2,943 yen after the automobile component maker reported net sales in the year ending in March climbed 9.3% to 256.01 billion yen from 234.26 billion yen in a year ago period.

Net income in the period plunged 22.5% to 9.50 billion yen compared to 12.27 billion yen and earnings per share declined to 197.96 yen from 255.58 yen in the same period a year ago.

The company forecasted net sales for the fiscal 2016 to jumped 5.5% to 270 billion yen and net income to soar 10.5% to 10.50 billion yen.

Fujifilm Holdings Corp fell 0.3% to 4,659 yen after the Nikkei news reported optical devices maker’s sales for the year are expected to jump 2% to about 2.49 trillion yen and net profit to jump more than 40% to around 115 billion yen.

The company schedule to announce its fiscal 2014 earnings on April 30.

Mitsubishi Motors Corporation slipped 1.2% to 1,137 yen after the passenger and sport utility vehicles maker reported net sales in the year ending in March climbed 4.2% to 2.18 trillion yen from 2.09 trillion yen in a year ago period.

Net income in the period soared 12.9% to 118.17 billion yen compared to 104.66 billion yen and diluted earnings per share declined to 120.16 yen from 104.29 yen in the same period a year ago.

The company forecasted net sales in the first-half to fall 1.5% to 1.02 trillion yen and net income to plunge 32.7% to 41 billion yen.

The company forecasted net sales in the year to climb 4.6% to 2.28 trillion yen and net income to plummet 15.4% to 100 billion yen.

Monex Group, Inc dropped 2.7% to 331 yen after the online securities services provider said revenues in the year ending in March dropped 7% to 50.90 billion yen from 54.72 billion yen in a year ago period.

Net income in the period tumbled 67.2% to 3.40 billion yen compared to 10.36 billion yen in the same period a year ago.

Nippon Shokubai Co., Ltd decreased 1.7% to 1,662 yen after the Nikkei daily said acrylic acid, ethylene oxide maker‘s revenues in this fiscal year are expected to decline 4% to 360 billion yen and pre-tax profit is estimated to increase 7% to about 32 billion yen.

Sumitomo Chemical Co Ltd climbed 6.7% to 699 yen after the chemicals maker forecasted revenues for the year to jump 2% to 2.37 trillion yen from the earlier estimate of 2.32 trillion yen and net income to soar 13.3% to 51 billion yen from the previous guidance of 45 billion yen.