Japan Shares Close Higher on Energy

Japan’s Nikkei rose on Friday after giant chip makers followed in the footsteps of their US counterparts and energy stocks rose following a recovery in oil prices.

But losses incurred by SoftBank Group limited the gains for the second consecutive session. Alibaba Group, SoftBank Group’s biggest asset, on Thursday forecast the slowest revenue growth since its first public offering in 2014.

The Nikkei index extended its gains in the morning session, to close up 0.50 percent at 29745.87 points. The energy sector was the best performer, rising 1.79 percent.

The broader Topix index started the day sluggish but rushed to catch up in the evening session, closing 0.44 percent higher.

Chipmaker Tokyo Electron was the best performer in the Nikkei, increasing 3.65 percent, and Adventist added 1.56 percent.

The recovery of oil from its lowest level in six weeks, which was reached on Thursday, led to a rise in energy stocks, with Inpex shares increasing 3.22 percent.

SoftBank Group fell 1.86%, after losing 2% in the previous session.

Mizuho Financial Group fell 1.85% after local media reported that the chief executive had resigned due to a series of system failures this year.