Japan Market gains on upbeat offshore lead

Headline indices of the Japan share market inclined for a second straight session on Wednesday, 25 July 2018, as risk appetite buying underpinned by positive lead from Wall Street overnight and halt in yen appreciation against greenback. Meanwhile, buying spree also aided by Beijing's pledges of a more vigorous fiscal policy. Among TSE33 issues, 27 issues inclined, while 6 declined, with shares of Nonferrous Metals, Iron & Steel, Oil & Coal Products, Pulp & Paper, and Machinery issues being notable gainers, while Land Transportation, Fishery, Agriculture & Forestry, and Precision Instruments issues were notable losers. Around late afternoon, the benchmark Nikkei 225 index inclined 0.5%, or 107.27 points, to 22,617.75. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, rose 0.5%, or 8.31 points, to 1,755.17.

Shares of iron and steel, non-ferrous metal and machinery companies were higher, with JFE Holdings, Sumitomo Metal Mining climbing in between 3% to 4%.

 

Among individual stocks, Yamato Holdings dropped after the logistics provider announced it overcharged corporate clients by about 1.7 billion yen for moving services, prompted by a whistle blower's alert.

Mitsubishi Motor dropped from nine-month highs marked the previous day on profit-taking although its earnings announced the previous day beat market expectations.

CURRENCY NEWS: The Japanese yen was little changed against U.S. dollar on Wednesday, 25 July 2018. The dollar was trading at 111.27 yen against 111.20 yen in New York on Tuesday.

OFFSHORE MARKET NEWS: The major U.S. stock indexes finished mostly higher Tuesday as investors welcomed strong corporate earnings reports from Google parent. The US government on Tuesday announced $12 billion in aid for farmers who have been the primary targets of retaliation by trading partners facing President Donald Trump's punishing tariffs. Alphabet and other companies. The S&P 500 index rose 13.42 points, or 0.5%, to 2,820.40. The Dow Jones Industrial Average gained 197.65 points, or 0.8%, to 25,241.94. The Nasdaq composite lost 1.11 points to 7,840.77.

The European markets ended solidly in positive territory on Tuesday, despite a survey that indicated economic growth across the 19-country eurozone moderated at the start of the third quarter. Germany's DAX rose 1.1% and the CAC 40 in France added 1%. The FTSE 100 index of leading British shares gained 0.7%.

Powered by Capital Market - Live News