Japan Nikkei extends gain on upbeat earnings

Japan shares moved mostly up for third straight sessions on Monday, 15 November 2021, with the Nikkei225 and the broader Topix indexes finishing firmly in positive territory, as sentiment was lifted on tracking gains on Wall Street late last week. Meanwhile, string of positive earnings reports from Japanese firms also strengthened risk sentiments.

At closing bell, the 225-issue Nikkei Stock Average advanced 166.83 points, or 0.56%, to 29,776.807. The broader Topix index of all First Section issues on the Tokyo Stock Exchange grew 7.92 points, or 0.39%, to 2,04852. Trading volume turnover on the main section stood at 1.16 billion shares worth 2.64 trillion yen.

 

Total 15 of 33 Topix industry groups ended up, with top performing issues were Services (up 1.26%), Transportation Equipment (up 1.2%), Pulp & Paper (up 1.19%), Metal Products (up 1%),and Information & Communication (up 0.87%) issues, while bottom performing issues included Insurance (down 1.7%), Marine Transportation (up 1.6%), Air Transportation (up1.4%), and Iron & Steel (up 1.3%) issues.

Shares of Tokyo Electron gained 0.9% after the company raised its profit forecast as well as outlook for dividend payouts.

Restaurant chain Skylark Holdings surged 6.5% after it raised its annual net profit forecast to 10 billion yen from 400 million yen.

ECONOMIC NEWS: Japan GDP Contracts 3% On Year In Q3 - Japan's gross domestic product contracted an annualized 3% on year in the third quarter of 2021, the Cabinet Office said in Monday's preliminary report, following the downwardly revised 1.5% increase in the three months prior (originally 1.9%). On a seasonally adjusted quarterly basis, GDP sank 0.8% following the downwardly revised 0.4% gain in the second quarter (originally 0.5%).

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