Japans Nikkei rose to a one week high on Monday
2018-07-09 06:59 am | Resource: NEWS | No Views : 48
Japan's Nikkei rose to a one-week high on Monday as investors took the lead in job growth in the US, while Eisai extended its gains to daily highs on optimism about Alzheimer's disease.
However, Nissan Motor fell 4.6 percent to 1,003.5 yen, its lowest close since November 2016, after the company said it would hold a meeting on measures to measure exhaust gas at its domestic plants.
Nissan declined to give further details. Japanese companies have acknowledged many cases of data tampering over the past year, smearing the country's reputation for high-quality manufacturing and efficiency.
Analysts said investors were watching the unprecedented rains that hit western Japan over the weekend, killing at least 88 people and shutting down some factories.
Strong US jobs data on Friday helped lift the Nikkei index to close 1.2% at 22,052.18, the highest close since June 29.
Car makers including Mazda Motor Corp. and Daihatsu Motor Co. suspended their operations in several plants on Saturday, with Mazda shares down 0.2 percent.
Panasonic Corp., a maker of electronics, said a factory in Okayama, west Japan, could not be reached because of the closure of roads. Panasonic shares fell 0.5 percent.
"If rainfall affects supply chains in the medium and long term, the affected stocks will be sold. Norihiro Fujito, chief investment strategist at Mitsubishi UFG Morgan Stanley Securities, said that otherwise, the overall effect should be limited.
At the moment, the escalating trade war between China and the US has fallen, with investors celebrating strong US payroll data.
Techtech shares rose 2.7 percent, Advantest rose 2.5 percent and Mitsubishi FJG Financial Group gained 1.6 percent.
Asei rose 16 percent to a day high of 10,710 yen, also a record, extending from Friday. The strong rally came as many brokerage firms upgraded the stock rating after the Japanese pharmaceutical company and Beogen said the final analysis of an intermediate stage trial of Alzheimer's disease showed positive results for patients receiving the highest dose.
Nomura Securities upgraded its rating to "buy" from "neutral" and raised the target price to 15,000 yen from 8,400 yen
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