Nikkei gains as glass firms, department stores shine on upbeat earnings

  • Reuters
  • Stock Market News
Nikkei gains as glass firms, department stores shine on upbeat earnings
Credit: © Reuters.

TOKYO, April 13 (Reuters) - Japanese shares rose on Tuesday, led by gains in stocks of glass product companies and department store operators after their robust earnings, though concerns about rising domestic COVID-19 cases undermined travel-related shares.

Nikkei share average .N225 rose 0.72% to 29,751.61, holding above key support levels from its 25-day, and 50-day moving average, at 29,503 and 29,440.

The broader Topix .TOPX gained 0.20% to 1,958.55, but it moved in a tight range it has hugged over the past several sessions.

"Today's moves were mostly reactions to individual earnings. Overall, the market does not have a clear sense of direction at the moment, as investors looked to whether the Fed will start communication about tapering its stimulus," said Nobuhiko Kuramochi, senior strategist at Mizuho Securities.

AGC 5201.T rose 2.9%, briefly hitting a 10-year high, after the glass product maker revised up its earnings outlook and dividend forecasts. The results also bumped up rival Nippon Sheet Glass 5202.T 6.8%.

Takashimaya 8233.T gained 4.3% after the department store chain operator announced a larger-than-expected profit in the current financial year after a dismal year hit by the pandemic.

That boosted shares of its competitors including J.Front Retailing 3086.T and Isetan Mitsukoshi 3099.T , which rose 4.0% and 1.7%, respectively.

Hopes of vaccine rollouts also helped to underpin department store shares, but rising concerns about a surge in domestic COVID-19 cases hit travel-related sectors.

West Japan Railway 9021.T fell 2.1% and Central Japan Railway 9022.T lost 1.6%, while Tokyo Disney Resort operator Oriental Land 4661.T lost 1.3%.

Japan late last week placed Tokyo under a new, month-long state of "quasi-emergency" to combat surging COVID-19 infections, while the western region of Osaka is set to report a daily record of more than 1,000 new infections. medical equipment maker Asahi Intecc 7747.T fell 4.1% after it announced a plan to issue warrants to raise 30 billion yen.

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