Nikkei advances on positive data, Yen rises
The Nikkei 255, Japan’s premier benchmark, closed on Friday with an advance of 1.9 percent, bouncing back from Thursdays declines and reiterating the willingness of bulls in Japan to get off the sidelines.
Thursday saw the index decline by 6.4 percent, reaching its lowest closing price since early April — prior to the new monetary easing policy in the land of the rising sun, being referred to as Abenomics. While the Asian markets were closed, Thursday’s trading session in the US saw a significant advance as positive employment and retail data, in addition to an internal $1.5bn buying of Belo Corp by Gannett Co.
For the most part investors are still looking to buy during dips in an attempt to maximize profits and maintain some of the momentum, sentiment and year to date gains that has been the driving force behind this year’s incredible rally.
The Nikkei closed at 12,686.52, advancing by 241.14 points, or 1.9 percent. Despite an impressive end to the week, the benchmark remains down for the week; closing 1.5 percent down from its opening price on Monday. The broader topix climbed to 1,056.45, registering a gain of 1.2 percent.
Of the 173 stocks making advances, Mitsubishi Logistics Corp lead the way with gains of 83.00 points, or 6.68 percent, to close at 1,326.00. In an impressive day of trading no less than nine stocks made advances of more than 5 percent. Trend Micro Inc made an advance of 183.00 points, or 6.34 percent, rising to 3,070.00.
39 stocks fell during the session, with SKY Perfect JSAT Holdings Inc, who plummeted by 1,000.00 points, or 2.21 percent, leading the index in declines.