Japan Nikkei rebounds on bargain hunting

Japan share market finished session higher on Tuesday, 13 April 2021, as investors scooped up shares following their recent declines, with sentiment supported by strong earnings reported from glass product companies and department store operators. Investors were also relieved by Fed Chair Jerome Powell's comments that a rate hike within this year is unlikely.

At closing bell, the 225-issue Nikkei Stock Average rebounded 212.88 points, or 0.72%, to 29,751.61. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 3.96 points, or 0.2%, to 1,958.55.

Total 20 sub-indexes of the 33 sector sub-indexes on the Tokyo exchange traded higher, with Iron & Steel, Securities & Commodities Futures, Glass & Ceramics Products, Retail Trade, Insurance, and Transportation Equipment issues being notable gainers, while Air Transportation, Electric Power & Gas, Land Transportation, Mining, and Marine Transportation issues were notable losers.

 

Shares of Glassmaker AGC rallied 2.9% after revising up its earnings outlook and dividend forecasts. Rival Nippon Sheet Glass jumped 6.8%.

Department store company Takashimaya climbed 4.3% after it posted a larger-than-expected profit in the current financial year. J.Front Retailing rallied 4% and Isetan Mitsukoshi advanced 1.7%.

CURRENCY NEWS: The Japanese yen traded at 109.35 per dollar, stronger than levels above 109.5 against the greenback seen yesterday

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