Nikkei rises as investors look for strong results

Japan’s Nikkei index closed higher on Wednesday, recovering from the previous session’s losses, as investors turned to Daikin Industries and other companies that posted solid gains.

The Nikkei index rose 0.53 percent to 27,741.90 points, falling 1.42 percent on Tuesday, its biggest daily loss in three weeks. The broader Topix index also rose 0.27 percent to 1930.77 points.

Daikin Industries jumped 3.96 percent after the air-conditioning maker raised its forecast. West Japan Railways also rose 3.47 percent after publishing its quarterly operating profit.

Sanrio shares rose 12.85 percent after the owner of the Hello Kitty brand raised his economic and dividend forecasts.

Chip equipment maker Tokyo Electron rose 0.96 percent. Technology investor SoftBank also gained 0.84 percent.

While Nintendo’s stock of the gaming industry lost 1.9 percent, the worst performer was among the 30 largest stocks on the Topix index, followed by Mitsubishi Financial Group, which fell 1.81 percent.

108 stocks rose on the Nikkei index, compared to 111 decliners.