Nikkei Falls 1%, Toshiba Trims Kone Stake

Hiruki Nakamura
22 Jul, 2015
New York City

Nikkei average dropped more than 1% following weak closings in international markets. Mitsui Chemicals lifted its first-half sales outlook. Toshiba Corp trimmed its stake in Finland-based Kone Oyj.

[R]4:30 PM Tokyo – Nikkei average dropped more than 1% following weak closings in international markets. Mitsui Chemicals lifted its first-half sales outlook. Toshiba Corp trimmed its stake in Finland-based Kone Oyj.[/R]

Market indexes in Tokyo declined more than 1% following weak closings in New York and in Europe.

The Nikkei 225 Stock Average dropped 248.30 or 1.2% to 20,593.67 and the broader Topix index decreased 18.51 to 1,655.37.

The yen closed at 123.73 against a dollar.

Stocks in Review

Mitsui Chemicals, Inc soared 12.4% to 482 yen after the chemicals manufacturer revised its net sale forecast for the first-half in September to jump 4.3% to 730 billion yen from earlier estimate of 700 billion yen.

The chemicals maker said estimated profit for the period to surge 260% to 18 billion yen compared to previous guidance of 5 billion yen.

SPK Corporation rose 0.2% to 2,424 yen after the auto and industrial machinery exporter net sales in the first-quarter period ending in June jumped 7% to 9.55 billion yen from 8.92 billion yen in a year ago period.

Net income in the quarter rose 1.1% to 193 million yen compared to 191 million yen and diluted earnings per share increased to 37.79 yen from 36.97 yen in the same period a year ago.

Toshiba Corporation slipped 1.7% to 393.10 yen after the diversified company agreed to sell 24.19 million shares or 4.6% stake at a price of €35.75 per share in Finland-based elevator and escalator maker Kone Oyj for a total of about 1.18 billion yen or €864.7 million or approx $947 million.

However, Kone will hold 19.9% stake in Toshiba Elevator and Building Systems.

Voyage Group, Inc, the communication technology provider reported net sales in the nine-month period ending in June climbed 17.2% to 13.19 billion yen from 11.25 billion yen in a year ago period.

Net income in the quarter soared 15.3% to 1.02 billion yen compared to 888 million yen and diluted earnings per share increased to 81.86 yen from the same period a year ago.

For the year, the company forecasted revenues for the year ending in September to surge 19.6% to 18 billion yen and net income jump 21.2% to 1.35 billion yen.