Tokyo stocks close up 0.46pc at fresh six-month high

July 28, 2014 - 9:46:38 am

TOKYO: Tokyo stocks rose 0.46 percent Monday to close at a fresh six-month high as Japanese earnings season gets into full swing.

The benchmark Nikkei 225 index added 71.53 points to 15,529.40, its best finish since late January, while the Topix index of all first-section issues rose 0.37 percent, or 4.72 points, to 1,286.07.

The Nikkei "will likely test highs if more solid earnings results are confirmed," said Hideyuki Ishiguro, senior strategist for investment strategy at Okasan Securities.

Nissan, whose shares rose 0.81 percent to 1,001.5 yen, is set to report later Monday with a slate of other blue-chip firms, including Sony and Japan Airlines, also publishing their financial results in the coming weeks.

Shares of camera and copier maker Canon rose 0.17 percent to 3,415.0 yen, after saying Thursday that its half-year net profit jumped 19.6 percent from the same period in 2013.

Sony gained 0.39 percent to 1,798.5 yen, as it announced it would sell its Tokyo headquarters to affiliate Sony Life for 52.8 billion yen ($520 million), the latest asset sale for the struggling electronics giant as it tries to repair a battered balance sheet.

Isuzu Motors rose 2.75 percent to 708.1 yen following a report in the leading Nikkei business daily that said the company's operating profits likely outpaced market expectations.

Some retailers were up, with Fast Retailing climbing 1.67 percent to 33,300.0 yen.

In currency trading, the dollar was little changed at 101.84 yen, against 101.83 yen in New York on Friday.

Tokyo stocks jumped more than one percent to a six-month high Friday after a healthy US jobless claims report boosted the dollar against the yen, sending exporters higher.

However, Wall Street provided a soft lead following disappointing earnings, including from Amazon.

The Dow slipped 0.72 percent and the S&P 500 dropped 0.48 percent after two straight record closes, while the Nasdaq lost 0.50 percent. (AFP)