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Japan Nikkei strengthens on Wall Street gains, upbeat China growth data

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Headline indices of the share market closed higher on Wednesday, 17 April 2019, as risk appetite buying bolstered on tracking rallies on Wall Street overnight and weaker yen against the U. S. dollar. Meanwhile, better-than-expected trade data and economic growth data for March 2019 also underpinned markets. Total 21 issues out of 33 subsectors of the Stock Exchange inclined, with shares in Securities & Commodities Futures, Marine Transportation, Transportation Equipment, Banks, and Oil & Coal Products issues being notable gainers, whereas Fishery, Agriculture & Forestry, Electric Power & Gas, and & issues were notable losers. At closing bell, the 225-issue Nikkei Stock Average inclined 66.21 points, or 0.3%, at 22,287.87. The broader Topix index of all First Section issues on the Stock Exchange added 5.08 points, or 0.31%, at 1,631.54.

reported better-than-expected economic growth data, fuelling hopes of a recovery in its amid concerns of a global growth slowdown. China's grew 6.4% in the first quarter from a year earlier, official data showed on Wednesday steady from the previous quarter helped by sharply higher factory production.

The major exporters were higher on a weaker yen. rose more than 1%, added 0.6%, was higher by 0.4% and rose 0.2%. In the tech sector, jumped more than 3% and Electron gained more than 1%. Among the major automakers, was up 1% and was higher by more than 1%.

Shares of Holdings declined more than 3% after the Japanese company made a A$3.8 billion acquisition proposal for Australian and homeware company

was down 2% on news that the

has concerns about the structure of a proposed $26 billion merger of and SoftBank's

surged 5% after said it would buy Omron's automotive electronics unit for about 100 billion yen.

In economic news, the said that posted a merchandise trade surplus of 528.5 billion yen in March 2019, up from 334.9 billion yen in February. Exports were down 2.4% on year, following the 1.2% drop in the previous month. Imports were up 1.1% on year following the 6.6% contraction a month earlier.

Japan's goods trade balance fell into the red in fiscal 2018 for the first time in three years amid and sluggish demand from China, government data showed Wednesday. Japan logged a deficit of 1.59 trillion yen ($14.2 billion) in the year through March, according to a preliminary report by the Exports rose 1.9% from a year earlier to 80.71 trillion yen on increasing deliveries of cars and ships, while imports jumped 7.1% to 82.29 trillion yen on higher costs of and liquefied Japan's deficit with China, one of its biggest trading partners, expanded for the first time in three years to 3.58 trillion yen. Exports grew 2.9% while imports rose 3.5%. With the United States, Japan recorded a surplus of 6.53 trillion yen as exports were up 2.9% and imports climbed 11.2%. With the European Union, a trade deficit of 421.7 billion yen was recorded, staying in the red for the seventh straight year. Imports hit a record-high 9.69 trillion yen.

CURRENCY NEWS: The depreciated around the 112 against the dollar on Wednesday, as a string of robust economic data boosted demand for riskier assets. The dollar was quoted at 111.99-112.00 yen compared with 111.96-112.06 yen in and 111.89-90 yen on Tuesday in Tokyo.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 17 2019. 11:21 IST