Market Updates

Nikkei Drops to a 3-Week Low on Growing China Worries

Hiruki Nakamura
20 Aug, 2015
New York City

    Stocks in Tokyo declined following another week of volatile trading in Shanghai and weak commodities prices. Real estate information provider Next Co said quarterly revenues rose 58%. Nippon REIT said first-half sales and net rose more than 90%.

[R]4:30 PM Tokyo – Stocks in Tokyo declined following another week of volatile trading in Shanghai and weak commodities prices. Real estate information provider Next Co said quarterly revenues rose 58%. Nippon REIT said first-half sales and net rose more than 90%.[/R]

Stocks in Tokyo declined following another week of volatile trading in Shanghai and weak commodities prices.

The Nikkei 225 Stock Average slipped 189.11 or 0.9% to 20,033.52 and the broader Topix index slumped 24.60 or 1.5% to 1,623.88.

The yen eased to 123.83 against a dollar.

Stocks in Review

Fancl Corporation fell 0.8% to 1,807 yen after the cosmetics and nutritional supplements maker said total sales in July soared 13% to 7.25 billion yen from 6.42 billion yen in a year ago month.

Sales in cosmetic segment jumped 11.4% to 4.23 billion yen and sales in nutritional supplement business surged 18.5% to 2.40 billion yen and in other business sales increased 5.1% to 622 million yen.

For the year, total sales soared 20.9% to 29.37 billion yen compared to 24.28 billion yen in a year ago period.

Kobe Bussan Co Ltd slid 0.3% to 12,780 yen after the food ingredients retailer forecasted revenues for the fiscal year ending in October to jump 7% to 228 billion yen and net profit to soar 92% to 5 billion yen and same-store sales are estimated to increase 5%.

Kose Corporation decreased 1.2% to 11,770 yen after the cosmetics and makeup products maker reported net sales in the year ending in March jumped 9.4% to 207.82 billion yen from 190.05 billion yen in a year ago period.

Net income in the period soared 8.4% to 12.06 billion yen compared to 11.13 billion yen and diluted earnings per share increased to 211.37 yen from 195.2 yen in the same period a year ago.

For the first-half ending in September, the company revised its sales forecast to jump 11.9% to 111 billion yen from previous estimate of 99.20 billion yen and net income to surged 87.8% to 7.70 billion yen compared to earlier guidance of 4.10 billion yen.

Next Co., Ltd declined 3.4% to 731 yen after the online real estate information provider said revenues in July surged 58.1% to 1.99 billion yen from 1.25 billion yen in a year ago month.

Revenues in domestic real estate information services segment in July jumped 23.4% to 1.41 billion yen while revenues in custom-built houses and renovations segment plunged 20.2% to 59.05 million yen.

However, revenues in overseas services business surged to 302.61 million yen from 2.08 million in a year ago month.

Nippon REIT Investment Corporation slid 0.5% to 275,600 yen after the real estate developer said net sales in the first-half ending in June soared 90.8% to 4.60 billion yen from 2.41 billion yen in a year ago period.

Net income in the period surged 92.6% to 2.08 billion yen compared to 1.08 billion yen and diluted earnings per share jumped to 7.71 yen from 7.10 yen in the same period a year ago.

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