Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Japanese shares hit fresh 30-year high on recovery hopes, earnings boost

02/08/2021 | 01:50am EDT

TOKYO, Feb 8 (Reuters) - Japanese shares surged on Monday, with both Nikkei and Topix hitting 30-year highs, as strong corporate earnings lifted investor confidence for an economic recovery from pandemic lows.

The Nikkei share average jumped 2.12% to 29,388.50, the highest level since August 1990, while the broader Topix rose 1.75% to 1,923.95, the highest since June 1991.

That sent the total market value of companies listed on the Tokyo Stock Exchange's main board to a record high of 712 trillion yen ($6.75 trillion), according to the exchange.

"With the vaccine rollouts and the fall in the number of daily COVID-19 infections, expectations for normalization of the economy is rising," said Soichiro Matsumoto, chief investment officer Japan at Credit Suisse Private Banking.

"Better-than-expected corporate performance in this environment is also lifting sentiment. Many U.S. firms have reported upbeat results and Japanese companies, particularly those sensitive to overseas demand, are following suit."

The S&P 500 and Nasdaq indexes on Friday scored their biggest weekly percentage gains since early November, powered by earnings optimism and progress on vaccine rollouts, while Democrats cleared the path for the approval of President Joe Biden's $1.9 trillion COVID-19 relief package.

At home, Kobe Steel surged 17.47% to lead gains on Nikkei after raising its full-year outlook, while Nippon Steel jumped 10.04% after trimming its annual net loss forecast. JFE Holdings rose 6.57%.

Toyota Motor gained 1.45% ahead of its earnings report on Tuesday.

Railway shares continued to gain, with Odakyu Electric Railway jumping 3.79%, Keio rising 3.88% and East Japan Railway gaining 4.85%.

The stocks that gained the most among the top 30 core Topix names were SoftBank Group, up 4.45 %, followed by Daikin Industries, which rose 4.38%.

The underperformers among the Topix 30 were Sony, down 2.85%, followed by Takeda Pharmaceutical, which fell 0.76%.

($1 = 105.5100 yen) (Reporting by Junko Fujita; Editing by Devika Syamnath)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -2.33% 9.796 Delayed Quote.-14.07%
DAIKIN INDUSTRIES,LTD. 0.73% 22775 End-of-day quote.-0.63%
DJ INDUSTRIAL 0.89% 33800.6 Delayed Quote.9.28%
EAST JAPAN RAILWAY COMPANY 0.34% 7450 End-of-day quote.8.21%
JFE HOLDINGS, INC. -0.30% 1338 End-of-day quote.35.43%
KEIO CORPORATION 1.53% 7280 End-of-day quote.-9.00%
KOBE STEEL, LTD. -2.34% 752 End-of-day quote.36.48%
NASDAQ 100 0.63% 13845.05499 Delayed Quote.7.42%
NASDAQ COMP. 0.51% 13900.185309 Delayed Quote.7.85%
NIKKEI 225 0.20% 29768.06 Real-time Quote.8.47%
NIPPON STEEL CORPORATION -2.87% 1842.5 End-of-day quote.38.74%
ODAKYU ELECTRIC RAILWAY CO., LTD. 0.89% 2963 End-of-day quote.-8.55%
S&P 500 0.77% 4128.8 Delayed Quote.8.62%
SOFTBANK GROUP CORP. -0.50% 9950 End-of-day quote.23.48%
SONY GROUP CORPORATION 2.77% 12230 End-of-day quote.18.91%
TAKEDA PHARMACEUTICAL COMPANY LIMITED 1.13% 3750 End-of-day quote.-0.13%
TOYOTA INDUSTRIES CORPORATION -1.87% 9460 End-of-day quote.15.51%
TOYOTA MOTOR CORPORATION 0.00% 8418 End-of-day quote.5.79%
Latest news "Economy & Forex"
04:44pKorean battery companies agree to settle U.S. trade dispute - sources
04:01pSouth African variant can 'break through' Pfizer vaccine, Israeli study says
02:57pArgentina's economy minister heads to Europe to woo finance officials over debts
02:36pUk pm johnson's move will allow as many family members as possible to attend funeral under covid rules - statement
02:35pUk pm johnson will not attend funeral of prince philip - statement from johnson's office
12:03pJACK MA : Events leading up to China's $2.75 billion fine on Alibaba
12:03pEXPERT VIEW : China's Alibaba hit with record $2.75 billion antitrust fine
12:03pChina fines Alibaba record $2.75 billion for anti-monopoly violations
10:04aChina Knocks on People's Doors to Speed Up Domestic Covid-19 Vaccination
Latest news "Economy & Forex"