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Topix scales over 5-month high as tech rally offsets transport share slump

09/02/2021 | 03:23am EDT

TOKYO, Sept 2 (Reuters) - Japan's Topix ended at a more than five-month peak on Thursday, recovering from earlier losses, as a tech rally offset a slump in transport shares.

The Topix rose 0.14% to 1,983.57, its highest closing level since March 29. The index rallied for a fourth straight session. The Nikkei share average ended 0.33% higher at its highest since July 14 of 28,543.51.

NTT and Nintendo were the top two performers among the 30 core Topix names, gaining 2.03% and 1.81%, respectively, while Sony Group added 1.40%.

Chipmakers rose with Advantest adding 2.07% and Tokyo Electron up 1.16%. Mobile game maker Nexon was the Nikkei's second-best performer, rallying 2.80%.

The best performer was sauce-maker Kikkoman, jumping 4.19%.

Those gains offset the drag from a record 13.36% slump for West Japan Railway (JR West) after saying it would sell new shares, which pulled down other rail and transport stocks.

Despite gains overall, market participants said a monthly U.S. employment report due Friday, considered crucial to the Federal Reserve's plans for tapering stimulus, was keeping investors cautious.

"It's difficult to chase the market higher, although technically you can feel there's fundamental strength supporting prices," said a person at a domestic securities firm.

The Nikkei's three worst performing stocks were all railways. JR East slumped 6.90% and JR Central lost 4.33%.

Airlines ANA Holdings and Japan Airlines fell 2.57% and 1.38%, respectively.

The land transport sub-sector was the worst performer on the Topix with a drop of 3.18%, while air transport fell 2.04%.

(Reporting by Tokyo markets team; Editing by Subhranshu Sahu and Rashmi Aich)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 0.22% 9120 End-of-day quote.17.98%
ANA HOLDINGS INC. -0.24% 2718.5 End-of-day quote.19.39%
CENTRAL JAPAN RAILWAY COMPANY -0.59% 16920 End-of-day quote.15.97%
EAST JAPAN RAILWAY COMPANY -0.62% 7226 End-of-day quote.4.95%
JAPAN AIRLINES CO., LTD. -0.24% 2493 End-of-day quote.24.96%
KIKKOMAN CORPORATION 0.54% 9290 End-of-day quote.29.57%
NEXON CO., LTD. -0.86% 1961 End-of-day quote.-38.33%
NINTENDO CO., LTD. -0.52% 51260 End-of-day quote.-22.13%
NIPPON TELEGRAPH AND TELEPHONE CORPORATION -0.70% 3121 End-of-day quote.17.97%
SONY GROUP CORPORATION -1.63% 12680 End-of-day quote.23.29%
TOKYO ELECTRON LIMITED 0.93% 50010 End-of-day quote.30.23%
WEST JAPAN RAILWAY COMPANY -0.73% 5331 End-of-day quote.-1.26%
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