Roundup: Tokyo stocks close higher on Wall Street’s lead, eased inflation concerns

TOKYO, April 26– Tokyo stocks closed higher Tuesday following Wall Street’s overnight lead, while a drop in crude oil futures helped ease inflation concerns amid buybacks from the previous day’s slump. Trading moved narrowly throughout the day in positive territory with sentiment buoyed by Wall Street’s overnight rise and crude oil futures’ prices dipping…

TOKYO, April 26 (Xinhua) — Tokyo stocks closed higher Tuesday following Wall Street’s overnight lead, while a drop in crude oil futures helped ease inflation concerns amid buybacks from the previous day’s slump.

The 225-issue Nikkei Stock Average gained 109.33 points, or 0.41 percent, from Monday to close the day at 26,700.11.

The broader Topix index added 1.99 points, or 0.11 percent, higher to finish at 1,878.51.

Trading moved narrowly throughout the day in positive territory with sentiment buoyed by Wall Street’s overnight rise and crude oil futures’ prices dipping during trading hours following a fall in U.S. Treasury yields.

“Today’s market rose thanks to the gains on Wall Street and falling U.S. Treasury yields,” Tomoichiro Kubota, a senior market analyst at Matsui Securities, was quoted as saying.

Local brokers said investors also sought out issues that had lost ground in the market’s rout the previous day and bargain-hunting became pervasive.

They added however that investors opted not to chase the market higher ahead of earnings season which will show the full extent the coronavirus pandemic has had on firms’ income and outlooks.

By the close of play, land transportation, and information and communication issues comprised those that advanced the most, and issues that rose outpaced those that fell by 1,105 to 659 on the Prime Market, while 74 ended the day unchanged.

Nikkei heavyweight SoftBank Group helped prop-up the broader market, rising 4.1 percent, while Adventest climbed 2.3 percent.

Fujitsu gained 2.2 percent, after reports suggested the firm might be considering selling its scanning business to office equipment maker Ricoh.

Shionogi advanced 2 percent, after the pharmaceutical company Monday upgraded its outlook for the business year through March.

Energy-related issues weighed, however, with oil exploration giant Inpex falling 3.6 percent, while refiner Cosmo Energy Holdings lost 1.9 percent.

On the Prime Market on Tuesday, 1,034.50 million shares changed hands, rising from Monday’s volume of 1,013.50 million.

The turnover on the second day of the trading week came to 2,585.43 billion yen (20.22 billion U.S. dollars). Enditem

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