Nikkei rebounds

04 Aug, 2020

TOKYO: Japanese shares snapped six consecutive sessions of losses on Monday, as markets tracked Wall Street's Friday rally on strong earnings reports, and the yen retreated from a 4-1/2-month high against the dollar.

The benchmark Nikkei share average closed 2.24% higher at 22,195.38, after shedding 4.6% last week. The index had 193 advancers against 32 decliners

The broader Topix gained 1.78% to 1,522.64, recovering from a two-month-low and its biggest daily loss in four months recorded on Friday.

All but one of the 33 sector sub-indexes on the Tokyo exchange finished higher.

Among individual stocks, Yamato Holdings Co Ltd rose 5.05% as the company forecast a 43.2% jump in operating profit for the fiscal year.

Murata Manufacturing Co Ltd pared gains in the afternoon and ended 0.02% higher after the company left its full-year operating profit forecast unchanged.

Keyence Corporation fell 3.89% after the factory automation equipment maker logged a 21.9% decline in its March-June operating profit.

Mazda Motor slipped 2.54% as the automaker forecast a record annual operating loss.

Elsewhere, Nichiigakkan Co Ltd gained 8.38% after US investment firm Bain Capital made a sweetened offer price at $1.2 billion.

Seven & i Holdings Co Ltd fell 4.8% after the retail group said it would buy US gas stations Speedway from Marathon Petroleum, as some investors viewed the deal price to be too high given the coronavirus-led economic slowdown.

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