Japan’s Nikkei ends 1% higher on boost from drugmakers

Author of the article: TOKYO — Japan’s Nikkei share average ended about 1% higher on Thursday, rebounding from a near three-month low hit in the previous session, led by drugmakers tracking overnight Wall Street gains. The Nikkei advanced 0.95% to 26,422.05, recovering from a low of 25,936.36 hit on Wednesday, a level that matched a…
Japan’s Nikkei ends 1% higher on boost from drugmakers

Author of the article:

TOKYO — Japan’s Nikkei share average ended about 1% higher on Thursday, rebounding from a near three-month low hit in the previous session, led by drugmakers tracking overnight Wall Street gains.

The Nikkei advanced 0.95% to 26,422.05, recovering from a low of 25,936.36 hit on Wednesday, a level that matched a July low. The broader Topix gained 0.74% to 1,868.80.

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“The main driver for the Nikkei’s gain was an advance of Wall Street overnight, which was fueled by the Bank of England’s action,” said Chihiro Ohta, assistant general manager at the investment research and investor services at SMBC Nikko Securities

Wall Street ended sharply higher overnight following its recent sell-off, after Treasuries yields fell, as the Bank of England launched an emergency bond buying program to stabilize a furious sell-off in gilts.

In Tokyo trading, Uniqlo clothing shop owner Fast Retailing rose 2.17% to become the biggest boost to the Nikkei.

Eisai surged 13.56% to a daily limit for a two straight sessions, after the surprise trial success of an experimental Alzheimer’s drug developed by the Japanese drug maker and a partner Biogen.

Drug makers were the top gainer among the Tokyo Stock Exchange’s industry sub-indexes, rising 3.1%. Shionogi & Co jumped 5.1%, while Chugai Pharmaceutical gained 4.31% and Daiichi Sankyo rose 2.26%.

Motorcycle maker Yamaha Corp jumped 6.24% and online shipping platform Rakuten Group climbed 6.09%.

Shipping firms were the worst performers on the Nikkei, with Nippon Yusen tanking 15.82%, and Mitsui O.S.K. Lines losing 13.02% and Kawasaki Kisen Kaisha losing 6.74%.

Foreigners withdrew a net 675.48 billion yen ($4.67 billion) out of Japanese stocks in their second straight week of net selling, data from exchanges for the week ended Sept. 22 showed. (Reporting y Junko Fujita; Editing by Rashmi Aich)

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