Japan Market extends gain on upbeat offshore lead

Japan share market finished higher for third straight session on Monday, 10 May 2021, on following positive led from Wall Street last Friday after weaker-than-expected growth in April's U.S. nonfarm payrolls eased concerns over a rise of long-term interest rates.

At closing bell, the 225-issue Nikkei Stock Average advanced 160.52 points, or 0.55%, to 29,518.34. The broader Topix index of all First Section issues on the Tokyo Stock Exchange increased 19.22 points, or 0.99%, to 1,952.27.

Total 27 sub-indexes of the 33 sector sub-indexes on the Tokyo exchange traded higher, with Iron & Steel, Oil & Coal Products, Nonferrous Metals, Pulp & Paper, Mining, and Pharmaceutical issues being notable gainers, while Marine Transportation, Retail Trade, and Metal Products issues were notable losers.

 

Shares of energy companies advanced on expectations for higher crude oil prices grew after a crucial U.S. pipeline was brought offline by a cyberattack, with Eneos and Idemitsu increasing 3.53% and 2.67%, respectively.

Food & Life fell 3.6% after food poisoning cases were reported at an outlet of the company's Sushiro conveyor-belt sushi restaurant chain.

CURRENCY NEWS: The dollar moved on a firm note around 109 yen in Tokyo trading Monday, supported by rises in stock prices and U.S. interest rates. At 5 p.m., the dollar stood at 108.91-92 yen, down from 109.14-15 yen at the same time Friday. The euro was at 132.30-37 yen, up from 131.81-82 yen.

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