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Japan's Nikkei hits 2-week high on tech boost, marks 1st weekly gain in four

10/15/2021 | 02:43am EST

TOKYO, Oct 15 (Reuters) - Japan's Nikkei jumped to a more than two-week high on Friday and posted its first weekly gain in four, after overnight gains on Wall Street boosted technology heavyweights ahead of their earnings results.

The Nikkei share average rose 1.81% to close at 29,068.62, while the broader Topix advanced 1.86% to 2,023.93. The Nikkei climbed 3.64% this week, while the Topix gained 3.16%, snapping three weeks of losses.

"Gains in high-tech shares gave big energy to the market today. They rose because of robust corporate outlook of overseas firms," said Shigetoshi Kamada, general manager at the research department at Tachibana Securities.

"Many Japanese companies are also expected to raise their forecast for this year. That is going to be a tailwind for the market."

Wall Street advanced on Thursday, with the S&P 500 posting its biggest daily percentage advance since early March, following strong earnings of companies including Morgan Stanley and UnitedHealth.

In Japan, chip-making equipment maker Tokyo Electron contributed the most to the Nikkei, rising 2.97%. Robot maker Fanuc jumped 5.61%.

Electronic-sensor maker Keyence and audio and game maker Sony Group lifted the Topix by rising 3.66% and 2.67%, respectively.

Can Do, a popular chain that sells household goods for 100 yen, surged 21.53% to its daily limit after being untraded on a glut of buy orders following a takeover bid from retail group Aeon.

Department store operator Takashimaya was down 4.14% after it cut its net profit forecast for this fiscal year.

Uniqlo owner Fast Retailing cut earlier losses to settle down 0.12% after the company posted a weaker-than-expected profit forecast. (Reporting by Junko Fujita; Editing by Amy Caren Daniel and Subhranshu Sahu)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AEON CO., LTD. 1.31% 2750.5 End-of-day quote.-18.74%
CAN DO CO., LTD. 1.74% 2451 End-of-day quote.29.34%
FANUC CORPORATION 1.25% 23545 End-of-day quote.-7.16%
FAST RETAILING CO., LTD. 0.07% 67860 End-of-day quote.-26.61%
KEYENCE CORPORATION 1.78% 71950 End-of-day quote.24.05%
SONY GROUP CORPORATION 2.23% 13985 End-of-day quote.35.97%
TAKASHIMAYA COMPANY, LIMITED 2.92% 1057 End-of-day quote.19.44%
TOKYO ELECTRON LIMITED 1.88% 61190 End-of-day quote.59.35%
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