Nikkei bounces after 4 days of losses, growth worries limit rise

  • Reuters
  • Stock Market News
Nikkei bounces after 4 days of losses, growth worries limit rise
Credit: © Reuters.

* Nikkei up 0.47 pct, Topix climbs 0.57 pct

* Automakers lifted as dollar/yen manages defies lower U.S. yields

* Global growth worries, Brexit concerns limit stocks gains

By Shinichi Saoshiro

TOKYO, March 11 (Reuters) - Japan's Nikkei share average snapped a four-session losing streak on Monday, although gains were limited as much weaker-than-expected U.S. job data dimmed the outlook for the global economy.

The Nikkei .N225 ended the day up 0.47 percent at 21,125.09. The index crawled back towards a three-month peak of 21,860.39 scaled a week ago.

"Stock prices appeared at a bargain following successive losses and this drove most of the bids. Demand in the market, however, was limited ahead of this week's various economic data releases and Brexit proceedings," said Chihiro Ohta, equity general manager at SMBC Nikko Securities.

The British parliament will vote on Tuesday on Prime Minister Theresa May's Brexit deal. released on Friday showed U.S. employment growth almost stalled in February, with the economy creating only 20,000 jobs, adding to signs of a sharp slowdown in economic activity in the first quarter. Wall Street's main indexes fell for the fifth day on Friday in wake of the jobs report. .N

"While it's too early to brace for a recession gripping the United States, a slowing economy is something to worry about," said Yoshinori Shigemi, global market strategist at JPMorgan (NYSE: JPM ) Asset Management.

Shares of exporters such as automakers gained as the dollar clung above the 111.00 yen JPY= threshold despite the recent decline in U.S. bond yields.

Toyota Motor Corp 7203.T added 0.7 percent, Nissan Motor Co 7201.T gained 1.1 percent and Honda Motor Co 7267.T rose 0.7 percent.

Hitachi Chemical 4217.T was untraded, flooded with buy orders after a report that parent company Hitachi Ltd 6501.T was considering a sale of its stake at a hefty premium of more than 40 percent.

Hitachi Ltd is looking to offload its 51 percent stake in Hitachi Chemical for more than 300 billion yen ($2.70 billion), Kyodo news reported after the market closed on Friday. and medical device maker Omron Corp 6645.T was also untraded due to a glut of buy orders following the company's inclusion to the Nikkei 225 starting Mar. 18. Co 3193.T sank 4.6 percent after the grilled chicken restaurant chain operator revised its net profit forecast for the year through July 2019 to a loss of 356 million yen ($3.21 million) from a gain of 747 million yen. the 33 subsectors on the Tokyo Stock Exchange, 25 ended the day in positive territory, led by electricity and gas .IEPNG.T .

The broader Topix .TOPX advanced 0.57 percent to 1,581.44. ($1 = 111.0500 yen) (Editing by Kim Coghill)

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