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Nikkei rises on chipmakers, energy boost; SoftBank drops

11/19/2021 | 02:21am EDT

TOKYO, Nov 19 (Reuters) - Japan's Nikkei share average rose on Friday as chipmaking giants tracked their U.S. peers higher and energy shares surged after a rebound in oil prices.

However, gains were capped by a second straight session of losses for SoftBank Group. Alibaba Group, SoftBank group's largest asset, forecast on Thursday its slowest revenue growth since its 2014 trading debut.

The Nikkei extended the morning session's gains to end 0.50% higher at 29,745.87. Energy was the best performing sector, jumping 1.79%.

The broader Topix started slowly but rushed to catch up in the afternoon session and ended 0.44% higher. The growth index advanced 0.56%, outpacing the 0.32% rise in the value index.

Chipmaker Tokyo Electron was the Nikkei's top performing stock in terms of index points, climbing 3.65%. Advantest added 1.56%.

Electrical component maker Taiyo Yuden was the biggest percentage gainer on the index, rallying 6.84%.

Overnight, the Philadelphia semiconductor index advanced 1.8% to hit its second record close in three sessions, buoyed this time by an earnings beat from Nvidia.

Meanwhile, a rebound in crude oil from six-week lows reached on Thursday lifted energy companies, with Inpex advancing 3.22%.

Elsewhere, Kubota jumped 6.20% on a plan to raise its stake in Indian tractor maker Escorts Ltd.

Sportswear maker Asics rose 3.35% after Japanese Major League Baseball star Shohei Ohtani was named American League MVP.

The Japanese government's announcement of a planned $490 billion stimulus package was largely ignored by the market, partly because the details were already reported by local media on Thursday.

SoftBank Group slid 1.86%, adding to the previous session's 2% drop.

"In addition to Alibaba, there are many more investments, and the risk is that SoftBank Group shares could be shaken by moves in any of them," said Ryuta Otsuka, a strategist at Toyo Securities Co.

Mizuho Financial Group dropped 1.85% after local media reported the CEO was stepping down over a series of system failures this year.

Tokyo Kikai tumbled 9.40% after Japan's supreme court dismissed a request to block a plan by the printing machinery maker for a "poison pill" takeover defence. (Editing by Uttaresh.V and Subhranshu Sahu)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 1.16% 8710 Delayed Quote.-20.09%
ALIBABA GROUP HOLDING LIMITED -1.03% 86.79 Delayed Quote.-26.94%
ASICS CORPORATION -4.21% 2231 Delayed Quote.-12.51%
ESCORTS LIMITED 2.44% 1637.4 Delayed Quote.-14.21%
INPEX CORPORATION -0.59% 1526 Delayed Quote.52.30%
LONDON BRENT OIL 0.94% 112.54 Delayed Quote.42.93%
MIZUHO FINANCIAL GROUP, INC. 0.23% 1515 Delayed Quote.3.55%
NIKKEI 225 1.27% 26739.03 Real-time Quote.-7.13%
NVIDIA CORPORATION -2.51% 166.94 Delayed Quote.-43.24%
OTSUKA CORPORATION 0.00% 3750 Delayed Quote.-31.69%
OTSUKA HOLDINGS CO., LTD. -0.98% 4441 Delayed Quote.6.52%
S&P GSCI CRUDE OIL INDEX 0.35% 604.4063 Real-time Quote.46.63%
SOFTBANK GROUP CORP. 3.50% 5232 Delayed Quote.-3.72%
TAIYO HOLDINGS CO., LTD. 0.16% 3125 Delayed Quote.-10.20%
TAIYO YUDEN CO LTD 1.18% 5140 Delayed Quote.-22.36%
TOKYO ELECTRON LTD 1.27% 58390 Delayed Quote.-11.90%
TOKYO KIKAI SEISAKUSHO, LTD. 3.20% 807 Delayed Quote.-22.40%
TOPIX INDEX 0.93% 1877.37 Delayed Quote.-5.77%
WTI 1.22% 110.515 Delayed Quote.44.84%
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