Sat. Feb 29th, 2020

Nikkei saves the day on the Tokyo Stock Exchange for the rise of Softbank

The Tokyo Stock Exchange closed mixed on Wednesday and the selective Nikkei finished positive, mainly thanks to the strong rise of the Softbank technology conglomerate.

The Nikkei benchmark index rose 175.23 points, 0.74%, to 23,861.21 points, while the second indicator, Topix, which groups the values ​​of the first section, fell 0.72 points, 0.04%, up to 1,718.92 units.

Tokiota parquet opened higher after the rest day on Tuesday, a national holiday in Japan, thanks to the decrease in concern about the spread of the new coronavirus from China.

The Nikkei strengthened its profits thanks, above all, to the emergence of the Softbank group’s shares, of 11.88%, in an outburst of investors buying hours before the publication of the company’s quarterly financial report, which generated expectation.

With the stock market closed, the Japanese conglomerate announced a 69% drop in profits between April and December, due, among other reasons, to the loss of the value of the investments of its Vision Fund in the US WeWork and Uber.

The information and communication sectors and the electrical devices sector led the day’s earnings, while the electricity and gas companies and the construction sector recorded the main setbacks.

The second firm that rose the most after Softbank among the 225 companies listed on the Nikkei was the semiconductor and electronics manufacturer Screen Holdings, which rose 5%, closely followed by the manufacturer of industrial automatic equipment Advantest, which advanced 4, 31%

In the first section, which includes the firms with the highest capitalization, 796 securities advanced compared to 1,275 that retreated, while 88 ended the session without changes.

The trading volume amounted to 2.6 trillion yen (21.751 million euros), compared to 2.06 trillion yen (17.190 million euros) on the previous day, on Monday.


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