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▼ Japan's Nikkei Hits 18-Month High As Investors Cheer Earnings
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Japanese shares ended higher on Monday, with the Nikkei notching its highest close in 1-1/2 years as investors sought stocks with robust earnings, while the yen’s weakness also boosted sentiment.
The Nikkei share average rose 0.8% to 29,626.34, its highest close November 2021. The broader Topix rose 0.9% to 2,114.85 and is within a whisker of a three-decade high.
“Investors scooped up individual stocks that reported positive earnings, which boosted the overall market,” said Maki Sawada, a strategist at Nomura Securities.
The U.S. dollar kept its strength against a basket of major currencies, after posting the biggest weekly gain last week, and was still rising on the yen on Monday even as it eased a little bit against other currencies.
A softer yen tends to help exporters’ shares as it increases the value of overseas profits in yen terms.
Among individual shares, Shiseido Co Ltd jumped 5.2% after the cosmetic maker beat consensus by posting a 97% jump in its net profit for three months through March.
Beer maker Asahi Group Holdings Ltd rose 3.3% after its quarterly net profit grew more than four times.
Phone company NTT Corp advanced 2.2% after announcing a stock split.
SBI Shinsei Bank Ltd surged 8.6% after Japanese online financial conglomerate SBI Holdings Inc said it would take midsize lender private. SBI Holdings rose 3.9%.
Uniqlo brand owner Fast Retailing Co Ltd rose 1% to provide the biggest boost to the Nikkei. Bearings-maker NSK Ltd jumped 13.5% after posting better-than-expected profits.
Bucking the trend, medical equipment maker Olympus Corp fell 6.8% and Rakuten Group Inc dropped 9%, holding back further Nikkei gains.
The Nikkei share average rose 0.8% to 29,626.34, its highest close November 2021. The broader Topix rose 0.9% to 2,114.85 and is within a whisker of a three-decade high.
“Investors scooped up individual stocks that reported positive earnings, which boosted the overall market,” said Maki Sawada, a strategist at Nomura Securities.
The U.S. dollar kept its strength against a basket of major currencies, after posting the biggest weekly gain last week, and was still rising on the yen on Monday even as it eased a little bit against other currencies.
A softer yen tends to help exporters’ shares as it increases the value of overseas profits in yen terms.
Among individual shares, Shiseido Co Ltd jumped 5.2% after the cosmetic maker beat consensus by posting a 97% jump in its net profit for three months through March.
Beer maker Asahi Group Holdings Ltd rose 3.3% after its quarterly net profit grew more than four times.
Phone company NTT Corp advanced 2.2% after announcing a stock split.
SBI Shinsei Bank Ltd surged 8.6% after Japanese online financial conglomerate SBI Holdings Inc said it would take midsize lender private. SBI Holdings rose 3.9%.
Uniqlo brand owner Fast Retailing Co Ltd rose 1% to provide the biggest boost to the Nikkei. Bearings-maker NSK Ltd jumped 13.5% after posting better-than-expected profits.
Bucking the trend, medical equipment maker Olympus Corp fell 6.8% and Rakuten Group Inc dropped 9%, holding back further Nikkei gains.
- May 16, 2023
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