Japan's Nikkei rebounds from sharp losses, stocks with robust outlooks shine

Sanrio Co

05/11/2024 03:19

TOKYO, Nov 5 (Reuters) - Japan's Nikkei share average
rose on Tuesday, rebounding from a sharp decline on Friday --
its most recent trading session -- led by stocks that reported
robust outlooks.
    The Nikkei  .N225  rose 1.11% to 38,474.66 by the midday
break, after opening 0.58% higher.
    That followed a 2.63% drop on Friday in its biggest daily
decline in a month. Markets were closed on Monday for a public
holiday.
    The broader Topix  .TOPX  was up 0.73% to 2,663.58.    
    Seiichi Suzuki, chief equity market analyst at Tokai Tokyo
Intelligence Laboratory, said investors clearly had more
appetite for the upside following the opening, which pushed the
early rally further.
    "But the momentum will not last long as investors are
cautious until they confirm the results of the U.S. presidential
election. The Nikkei's volatility is still high," said Suzuki.
    The Nikkei volatility index  .JNIV  rose 20.55% to 31.39.
    The Tokyo Stock Exchange (TSE) is increasing its trading
hours by 30 minutes to 1530 JST (0630 GMT) on Tuesday to try to
boost trading volume.
    Heavyweight TDK  6762.T  surged 7% after the electronic
components maker raised its annual operating profit forecast on
Friday to 220 billion yen ($1.45 billion), 27% higher than a
year earlier. 
    Nomura Holdings  8604.T  jumped 8% after the brokerage
reported on Friday that it had more than doubled its quarterly
profit to the highest level in four years.
    The brokerage sector  .ISECU.T  rose 4.49% to become the top
performer among the Tokyo Stock Exchange's 33 industry
sub-indexes. 
    Sanrio  8136.T  surged 14% after the owner of the 'Hello
Kitty' brand raised its annual net profit forecast.
 ($1=152.21 yen)

 (Reporting by Junko Fujita: editing by Neil Fullick)
 ((junko.fujita@thomsonreuters.com;))