Japan Nikkei closes 1.2% higher

Japanese share market finished session higher on Monday, 07 November 2022, recouping some of the losses in the previous two sessions, as investors risk sentiments improved on following the broadly positive cues from Wall Street on Friday, thanks to solid US jobs data and strong domestic corporate earnings reports and outlook.

At closing bell, the 225-issue Nikkei Stock Average index advanced 327.90 points, or 1.21%, to 27,527.64. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 18.69 points, or 0.98%, to 1,934.09.

Total 28 of 33 TSE sectors advanced with Iron & Steel (up 3.3%),Marine Transportation (up 2.5%), Metal Products (up 2.3%), and Precision Instruments (up 2%) issues being notable gainers, while Air Transportation (down 1%) and Textiles & Apparels (down 0.5%) issues were notable losers.

Shares of steelmakers advanced, led by JFE Holdings leading rally with gains of 6.5% after the steelmaker raised its annual profit outlook. Peers Nippon Steel and Kobe Steel rose 3.43% and 3.24%, respectively.

Sanrio shares surged nearly 14% after the owner of the Hello Kitty brand posted strong first-half earnings and raised its full-year guidance. It expects revenue to rise 18% to Y62.30 billion and net profit to increase 17% to Y4.00 billion.

On the other hand, office equipment maker Ricoh tanked 7% after cutting its annual profit outlook.

CURRENCY NEWS: The US dollar fetched in the lower 147 yen-range in Asian trade on Monday.

Powered by Capital Market - Live News