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    5541   JP3448000004

PACIFIC METALS CO., LTD.

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Japan's Nikkei hits over 31-year peak as cyclical shares track Wall St higher

09/13/2021 | 11:18pm EDT

TOKYO, Sept 14 (Reuters) - Japan's Nikkei hit a more than 31-year high on Tuesday, with cyclical stocks rising the most, tracking overnight gains in major U.S. indexes, while progress in domestic vaccine rollouts raising hopes for an economic reopening also aided sentiment.

The Nikkei share average touched 30,795.78, its intraday high since August 1990, before ending the morning session up 0.38% at 30,562.42. The broader Topix gained 0.42% to 2,106.24.

"The difference between today and yesterday is that today's gain is led by a rebound of U.S. stocks," said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Research Institute.

"When economically sensitive (cyclical) stocks lead the U.S. market, that works favourably to the Japanese market because Japan has no big growth shares equivalent to GAFA, so the market can't take advantage of their gains."

Overnight, the S&P 500 ended a five-ay losing streak led by value shares that are set to benefit most from a resurging economy.

Insurance sector led gains among the Tokyo Stock Exchange's 33 industry subindexes, with a 2.97% rise, followed by refiners rising 1.61%, after oil prices rose to six-week highs.

Shippers gained 1.56%.

Sentiment was also boosted by hopes for an economic reopening as Japan is on track to reach the vaccination levels of the United States and Europe. The government said https://www.kantei.go.jp/jp/headline/kansensho/vaccine.html on Tuesday more than 50% of Japanese population have been fully vaccinated.

Technology heavyweights SoftBank Group and Advantest tracked an overnight lower of the Nasdaq , falling 0.71% and 0.88%, respectively.

Showa Denko, up 6.53%, was the top gainer on the Nikkei, followed by Tokio Marine Holdings, which rose 5.43%, and Z Holdings, up 4.33%.

Konami Holdings Corp, losing 3.06%, was the worst performer on the Nikkei, followed by Pacific Metals, which fell 2.43%.

(Reporting by Junko Fujita; Editing by Rashmi Aich)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 1.75% 9280 End-of-day quote.20.05%
KONAMI HOLDINGS CORPORATION 1.68% 6660 End-of-day quote.14.83%
PACIFIC METALS CO., LTD. -0.46% 2155 End-of-day quote.-3.36%
SHOWA DENKO K.K. 0.49% 2852 End-of-day quote.29.81%
SOFTBANK GROUP CORP. 3.06% 6429 End-of-day quote.-20.22%
TOKIO MARINE HOLDINGS, INC. -0.70% 6128 End-of-day quote.15.45%
Z HOLDINGS CORPORATION 1.36% 701.5 End-of-day quote.12.35%
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Financials
Sales 2022 53 400 M 468 M 468 M
Net income 2022 6 600 M 57,8 M 57,8 M
Net Debt 2022 - - -
P/E ratio 2022 6,40x
Yield 2022 3,70%
Capitalization 42 224 M 370 M 370 M
Capi. / Sales 2022 0,79x
Capi. / Sales 2023 0,94x
Nbr of Employees 458
Free-Float 81,0%
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 2 165,00 JPY
Average target price 1 700,00 JPY
Spread / Average Target -21,5%
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Masayuki Aoyama President & Representative Director
Hiroaki Ichiyanagi Director & Manager-Technology Development Project
Shinya Matsumoto Independent Outside Director
Hikari Imai Independent Outside Director
Tamaki Fujiyama Director, Manager-Personnel & Head-General Affairs