To use this site, please disable the ad blocking feature and reload the page.
This website uses cookies to collect information about your visit for purposes such as showing you personalized ads and content, and analyzing our website traffic. By clicking “Accept all,” you will allow the use of these cookies.
Users accessing this site from EEA countries and UK are unable to view this site without your consent. We apologize for any inconvenience caused.
12:31 JST, October 11, 2024 (updated at 16:35 JST)
TOKYO (Reuters) – Japan’s Nikkei share average rose to a two-week closing high on Friday, propelled by gains in index heavyweight Fast Retailing, even as investors turned cautious as the earnings season kicked into high gear.
The Nikkei .N225 closed 0.6% higher at 39,605.80, logging a 2.5% gain for the week. The broader Topix .TOPX finished down 0.2% at 2,706.2.
Shares of Fast Retailing 9983.T jumped 6.1% to become the top percentage gainers, after the owner of clothing brand Uniqlo said on Thursday it had booked record profits for a third straight year.
The rise in Fast Retailing, the heaviest of the Nikkei’s 225 constituents, was enough to keep the Nikkei well in positive territory, even though 160 shares declined.
Despite a dip in the Philadelphia SE Semiconductor index .SOX overnight and Wall Street’s three main indexes, Japan’s chip-related shares closed higher, tracking gains in Nvidia NVDA.O. .N
Chip-testing equipment maker Advantest 6857.T, which counts Nvidia among its customers, climbed 3.5%. Chip-making equipment giant Tokyo Electron 8035.T edged up 0.4%.
The Nikkei struggled to move closer to the 40,000 level, with investors looking forward to a slew of corporate earnings results on Friday and Tuesday, and taking positions carefully ahead of a local holiday on Monday.
“It’s difficult to buy before earnings are released,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.
“There’s a sense that investors want to discern company earnings trends” before making a move, he said.
Among major losers, AI-focused startup investor SoftBank Group 9984.T was down nearly 1%, telecommunications company KDDI 9433.T slid 1.7%, and automaker Toyota Motor 7023.T fell 0.7%.
Seven & I Holdings 3382.T declined 1.4%. The retailer announced on Thursday a roadmap to hive off underperforming businesses and focus on its convenience store operations, as it aims to fend off a $47-billion takeover bid from Canada’s Alimentation Couche-Tard ATD.TO.
