Company News

Nikkei rides Wall Street gains on renewed U.S. stimulus hopes

TOKYO, Oct 8 (Reuters) - Japanese shares closed higher on Thursday, following an upbeat Wall Street session overnight, as hopes for a partial deal on U.S. coronavirus stimulus boosted investor sentiment.

The benchmark Nikkei share average rose 0.96% to 23,647.07, hovering near levels hit on Feb. 20. There were 134 advancers on the index against 84 decliners.

The broader Topix gained 0.55% to 1,655.47.

All but six of 33 sector sub-indexes on the Tokyo exchange traded higher, with shippers, iron and steel and services leading advancers on the main bourse.

Overnight, all major indexes on Wall Street ended sharply higher as President Donald Trump urged Congress to pass piece-meal aid packages for coronavirus relief, after he had abruptly called off negotiations on a comprehensive bill.

Tokyo stocks were also boosted by a moderate rise in E-Mini futures for the S&P 500 after the U.S. vice-presidential debate, last up 0.37%.

But analysts said some investors stayed on the sidelines as earnings results take centre stage again later this month.

Japan’s semiconductor shares rose on positive cues from their U.S. counterparts, with Screen Holdings jumping more than 8%, Advantest Corp climbing 5.37% and Disco Corp adding 3.79%.

Among sectors, airlines bucked the overall trend to fall 1.23%, as firms have been hammered by a collapse in international air travel due to the coronavirus outbreak.

ANA Holdings shed 1.67% after it proposed to the labour unions at its main carrier ANA to seek workers to leave voluntarily. The company also said it was cutting winter bonuses to zero and reducing monthly salaries.

Meanwhile, Japan Airlines slipped 0.67% after its president said on Thursday the company wants to bolster discount carrier operations to capture tourism demand.

Elsewhere, the Mothers Index of start-up firms rose more than 2%, posting gains for a fourth consecutive day. (Reporting by Eimi Yamamitsu; Editing by Vinay Dwivedi)