Japan’s Nikkei recovers at the close after positive business results

The Japanese Nikkei index achieved strong gains at the close on Thursday, November 9, ending losses that continued for two days, supported by strong business results that helped raise shares of energy companies and consumer goods.

The Nikkei closed at an increase of 1.49%, recording 32,646.46 points, offsetting most of the decline of 1.66% over the previous two sessions. Among the 225 stocks listed on the index, 169 rose, 54 declined, and two stocks stabilized, and the broader Topix index rose 1.26%.

Although Cosmo Energy is not listed on the Nikkei, it pushed the shares of other energy companies higher after its stock jumped by about 9% after it revised its profit expectations upward. Idemitsu Kosan shares increased 3.11% and Ineos shares increased 1.67%.

The stock of Casio, a manufacturer of watches and computers, achieved the largest increase on the Nikkei, as it jumped by about 7% after announcing positive financial results.

Nintendo Games shares increased by 5.57%, continuing the 6.09% gain achieved in the previous session thanks to the announcement of expectations of recording strong profits and sales.

Kao Cosmetics shares ranked third in the rise, after rising nearly 5% after announcing business results.

The earnings season peaks in Japan tomorrow, Friday, and will largely end by Tuesday.

The financial results also caused a significant decline in some stocks on the Nikkei, with Fujikura Electronic Components Manufacturing and Sharp falling by more than ten percent.