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Tuesday, January 26, 2021

Nikkei: Nikkei ends higher on upbeat machinery orders, US tech rebound – Latest News

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Japanese shares ended higher on Thursday as better-than-expected machinery orders data and Wall Street’s rebound from a three-day losing streak bolstered investor sentiment.

The benchmark Nikkei share average closed 0.88 per cent higher at 23,235.47, with 197 advancers on the index against 25 decliners. The broader Topix gained 1.21 per cent to 1,624.86, marking the highest close since Sept. 3.

Both the indexes clawed back from a 1-1/2-week low marked in the previous session.

Wall Street’s main indexes closed higher overnight as investors jumped back in to take advantage of the pullback in tech-related stocks.

Also underpinning gains, Japan’s core machinery orders, a leading gauge of capital spending, rebounded in July from a sharp fall in the previous month. The Cabinet Office’s data showed July’s core machinery orders grew 6.3 per cent.

Among sectors and shares, shippers, glass and ceramics and other financial were among the top performing sectoral sub-indexes on the main bourse.

Japan’s technology and semiconductor stocks took cues from U.S. peers and jumped, with SoftBank Group Corp rising 2.17 per cent to snap a five-session run of losses.

Internet services provider Rakuten jumped more than 7.7 per cent, while semiconductor manufacturer Screen Holdings inched up 0.96 per cent.

Investors also cheered the upbeat domestic data, with precision motors maker Nidec Corporation rising 3.61 per cent, electrical equipment manufacturer Yaskawa Electric Corporation gaining 1.54 per cent and factory automation machinery manufacturer Fanuc Corporation climbing 2.59 per cent.

Nintendo added 1.99 per cent after Bloomberg News reported that the company raised its production goal for gaming console Switch by another 20 per cent.

The Mothers Index of start-up firm shares bucked the overall firmness and lost 0.81 per cent to post its second day of losses.

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