Japan's Nikkei hits 18-month high as investors cheer earnings
15/05/2023 07:48
TOKYO, May 15 (Reuters) - 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 .N225 rose 0.8% to 29,626.34, its
highest close November 2021. The broader Topix .TOPX 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 =USD 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. FRX/
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 4911.T 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 2502.T rose 3.3% after
its quarterly net profit grew more than four times.
Phone company NTT Corp 9432.T advanced 2.2% after
announcing a stock split.
SBI Shinsei Bank Ltd 8303.T surged 8.6% after Japanese
online financial conglomerate SBI Holdings Inc 8473.T said it
would take midsize lender private. SBI Holdings rose 3.9%.
Uniqlo brand owner Fast Retailing Co Ltd 9983.T rose 1% to
provide the biggest boost to the Nikkei. Bearings-maker NSK Ltd
6471.T jumped 13.5% after posting better-than-expected
profits.
Bucking the trend, medical equipment maker Olympus Corp
7733.T fell 6.8% and Rakuten Group Inc 4755.T dropped 9%,
holding back further Nikkei gains.
(Reporting by Junko Fujita; editing by Uttaresh Venkateshwaran
and Varun H K)
((tom.westbrook@tr.com; +65 6973 8284;))