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    N225   JP9010C00002


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Nikkei gains as glass firms, department stores shine on upbeat earnings

04/13/2021 | 02:30am EDT

TOKYO, April 13 (Reuters) - Japanese shares rose on Tuesday, led by gains in stocks of glass product companies and department store operators after their robust earnings, though concerns about rising domestic COVID-19 cases undermined travel-related shares.

Nikkei share average rose 0.72% to 29,751.61, holding above key support levels from its 25-day, and 50-day moving average, at 29,503 and 29,440.

The broader Topix gained 0.20% to 1,958.55, but it moved in a tight range it has hugged over the past several sessions.

"Today's moves were mostly reactions to individual earnings. Overall, the market does not have a clear sense of direction at the moment, as investors looked to whether the Fed will start communication about tapering its stimulus," said Nobuhiko Kuramochi, senior strategist at Mizuho Securities.

AGC rose 2.9%, briefly hitting a 10-year high, after the glass product maker revised up its earnings outlook and dividend forecasts. The results also bumped up rival Nippon Sheet Glass 6.8%.

Takashimaya gained 4.3% after the department store chain operator announced a larger-than-expected profit in the current financial year after a dismal year hit by the pandemic.

That boosted shares of its competitors including J.Front Retailing and Isetan Mitsukoshi, which rose 4.0% and 1.7%, respectively.

Hopes of vaccine rollouts also helped to underpin department store shares, but rising concerns about a surge in domestic COVID-19 cases hit travel-related sectors.

West Japan Railway fell 2.1% and Central Japan Railway lost 1.6%, while Tokyo Disney Resort operator Oriental Land lost 1.3%.

Japan late last week placed Tokyo under a new, month-long state of "quasi-emergency" to combat surging COVID-19 infections, while the western region of Osaka is set to report a daily record of more than 1,000 new infections.

Elsewhere, medical equipment maker Asahi Intecc fell 4.1% after it announced a plan to issue warrants to raise 30 billion yen. (Reporting by Hideyuki Sano; Editing by Rashmi Aich)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AGC INC. -2.24% 4790 End-of-day quote.33.06%
ASAHI GROUP HOLDINGS, LTD. -0.55% 5433 End-of-day quote.28.02%
ASAHI INTECC CO., LTD. 0.73% 2627 End-of-day quote.-30.23%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.95% 0.74851 Delayed Quote.-1.03%
BRITISH POUND / US DOLLAR (GBP/USD) -0.98% 1.38025 Delayed Quote.2.30%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.90% 0.80268 Delayed Quote.3.66%
CENTRAL JAPAN RAILWAY COMPANY -2.97% 17175 End-of-day quote.17.72%
EURO / US DOLLAR (EUR/USD) -0.43% 1.18627 Delayed Quote.-2.47%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.01% 0.013488 Delayed Quote.-0.32%
ISETAN MITSUKOSHI HOLDINGS LTD. -1.08% 823 End-of-day quote.34.92%
J. FRONT RETAILING CO., LTD. -4.77% 1079 End-of-day quote.32.39%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -1.17% 0.69331 Delayed Quote.-1.52%
NIKKEI 225 -0.19% 28964.08 Real-time Quote.5.74%
NIPPON SHEET GLASS COMPANY, LIMITED -5.72% 626 End-of-day quote.31.79%
ORIENTAL LAND CO., LTD. -1.50% 16090 End-of-day quote.-5.58%
TAKASHIMAYA COMPANY, LIMITED -1.35% 1312 End-of-day quote.48.25%
WEST JAPAN RAILWAY COMPANY -2.92% 6546 End-of-day quote.21.24%
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