IG Port Rebounds, Toho Slips as Tokyo Game Stocks Diverge
Game and entertainment shares split on October 16: IG Port bounced after first-quarter profit growth, while Toho eased after its forecast revision.
Game and entertainment stocks moved in opposite directions on the Tokyo market on October 16, with IG Port rebounding sharply after its first-quarter earnings showed a large profit increase, according to gamebiz.jp. SHIFT hit the daily price limit up, and Edia also rebounded sharply.
Mizuho Securities kept its "Buy" rating on Sanrio and raised its target price from 1450 yen to 1500 yen. MIXI, GREE Holdings, Capcom and Bandai Namco Holdings all hit year-to-date highs.
Toho shares fell back after its full-year earnings forecast revision raised only final profit, on the back of a gain on the sale of investment securities. Silicon Studio dropped sharply for the first time in four days, while Tenda and Kayac were also weak.
The Nikkei average rose 898.34 to 65324.29, rebounding for the first time in seven days.
Earlier results
On August 15, IG Port announced its first-quarter earnings, which landed with a large profit increase partly because production budget increase negotiations planned for the second half were settled early. Toho announced its second-quarter earnings alongside the revision of its full-year forecast.
Quick answers
Why did Toho shares fall on October 16?
Toho slipped after its full-year earnings forecast revision raised only final profit, due to a gain on the sale of investment securities.
Which game stocks hit year-to-date highs?
MIXI, GREE Holdings, Capcom and Bandai Namco Holdings all reached year-to-date highs.
What happened to the Nikkei average on October 16?
The Nikkei average rose 898.34 to 65324.29, rebounding for the first time in seven days.