Health care, oil firms buoy Japan stocks ahead of U.S. payrolls

By Stanley White
TOKYO, April 3 (Reuters) - Japanese shares rose on Friday
lifted by health care and energy firms, but investor refrained
from aggressive bets ahead of U.S. unemployment data later in
the day.
By 0155 GMT, the Nikkei index was up 0.75% at 17,957.59.
Investors sought shares of health care companies that are
expected to make a profit as researchers race to find medicines
to treat the global coronavirus epidemic.
Some oil producers and industrial firms also got a boost on
hopes a truce among major oil producers will relieve some of the
massive oversupply in the energy market.
Despite the gains on Friday, the Nikkei was still on course
for a 7% weekly decline as fear about the economic costs of the
coronavirus hurt global equity markets.
Investors are now looking to Friday's U.S. non-farm payrolls
report for March, which is expected to show the world's largest
economy lost 100,000 jobs as companies quickly jettisoned
workers in response to the coronavirus pandemic.
Draconian restrictions on personal movement aimed at curbing
the spread of the flu-like virus are widely expected to throw
the global economy into recession.
Infections in Japan have been rising recently, and some
investors worry the government will declare a state of
emergency, which would weigh on an already stuttering economy.
There were 146 advancers on the Nikkei index against 71
decliners on Friday.
The largest percentage gainers in the index were chemicals
maker Denka Co Ltd 4061.T up 20.13%, followed by medical
products and devices maker Fujifilm Holdings Corp 4901.T
gaining 5.99%, and paper manufacturer Oji Holdings Corp 3861.T
up by 5.66%.
Fujifilm said on Friday a subsidiary of the company will
release a new coronavirus testing kit on April 15 that can
shorten the time to deliver results to around two hours.
Fujifilm has also begun clinical trials of its antiviral
drug Avigan as a potential treatment of coronavirus symptoms.
Denka Co will supply the raw chemicals used to make Avigan.
The largest percentage losses in the Nikkei index were auto
maker Subaru Corp 7270.T down 5.24%, followed by electronic
components maker Taiyo Yuden Co Ltd 6976.T losing 4.96% and
rival component maker Alps Alpine Co Ltd 6770.T falling by
4.93%.
U.S. data on Thursday showed initial claims for unemployment
benefits rose to a record 6.65 million in the latest week from
an unrevised 3.3 million the previous week.
Dismal manufacturing data from around the globe has dented
sentiment this week.
With global coronavirus infections now crossing the 1
million mark, a return to business as usual in the near term
seems unlikely, with economic activity likely to contract
further.