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Tokyo markets up on earnings reports

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by Elaine Frei

The Tokyo equities markets were slightly higher on Thursday as a result of positive corporate earnings reports during the week. The Nikkei added 0.3 percent to 17,114.54 and the Topix index gained 0.4 percent to 1,729.37. Both domestic and export-dependent sectors saw advances on the day.

Automobile manufacturer Honda, reported record net profits for the fifth year in a row due to rising sales in the United States as well as on a weaker yen and a gain related to pensions. Shares were up 5.3 percent on the day to ¥8,180 as the company said it would do a two-for-one share split on July 1 in order to increase liquidity.

In the securities sector, Daiwa Securities reported on Wednesday that its quarterly profits had tripled, sending shares up 3.1 percent to ¥1,577. Meanwhile, internet brokerage Monex Beans added 4.3 percent to ¥146,000 on a quarterly report which showed that profits had doubled in the quarter.

Consumer electronics manufacturer Sharp was up 1.5 percent to ¥2,045 on higher quarterly profits due to higher sales in LCD televisions and cellphones.

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News posted: April 27, 2006

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