Nikkei gains on global economic recovery hopes

Reuters TOKYO | Updated on April 15, 2021

People walk past an electronic board showing Japan's Nikkei average outside a brokerage in Tokyo, Japan. (file photo)   -  Reuters

Banks track Goldman, Wells Fargo higher

Japanese shares inched higher on Thursday as investors picked up cyclical firms that would benefit from a global economic rebound, while financials trackedan overnight rise in Goldman Sachs and Wells Fargo & Co stocks.

Nikkei share average edged up 0.3% to 29,709.38 by0151 GMT, while the broader Topix gained 0.54% to 1,962.78."There are concerns about the economic slowdown in Japan due to a resurgence of the virus, but investors are looking at theeconomic sensitive stocks that would benefit from foreigndemand," said Norihiro Fujito, chief investment strategist,Mitsubishi UFJ Morgan Stanley Securities.

Hang Seng dropped 335.88 points to 28542.87 points and Taiwan’s Taipei gained 78.24 to 16,944.21 today.

The Topix sub index for shippers gained most among the 33 sector sub-indexes on the Tokyo exchange, with Nippon Yusen jumping 5.7%, Mitsui OSK Lines rising3.17% and Kawasaki Kisen climbing 4.4%.

The sub-index for mining and oil refiners also advanced.

Financial shares rose after Goldman Sachs Group Inc and Wells Fargo & Co advanced on bumper first-quarter profits.

Mitsubishi UFJ Financial Group rose 2.11%, SumitomoMitsui Financial Group gained 2.16% and Nomura Holdingsadvanced 2.05%.

Toshiba Corp rose 1.65%, following reports that the conglomerate is seeing more bidders to take it private.

Seven & i Holdings Co, up 4.89 %, gained the mostamong the top 30 core Topix names, followed by Sumitomo Mitsui Financial Group.

The underperformers among the Topix 30 were Nintendo, down 1.71%, followed by Fanuc losing 0.55%.

There were 181 advancers on the Nikkei index against 41decliners.

All but three of the 33 sector sub-indexes on the Tokyo exchange traded higher

Published on April 15, 2021

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