Nikkei gains but on track for worst month in 15 months

SYDNEY, March 31 (Reuters) - Japanese stock benchmark Nikkei
gained on Tuesday as Wall Street stabilised and factory data
from China held out the hope of a rebound in activity, even
though the global coronavirus crisis showed no signs of abating.
The Nikkei share average .N225 rose 0.8% to 19,233.50 by
the midday break.
For the month, the index was down 9.0% and on track for its
biggest monthly decline in 15 months. The benchmark was down
18.7% year-to-date, set for its worst quarter since late 2008.
The Nikkei's volatility index .JNIV , a measure of
investors' volatility expectations based on option pricing and
considered to be a fear gauge, shed 13.8% to 48.10, moving away
from a nine-year peak of 60.86, hit on March 16.
Market sentiment got a boost from Chinese factory activity
data which unexpectedly expanded in March after contracting
sharply to a record low in February.
China's official manufacturing purchasing managers' index
(PMI) bounced to 52.0 in March, the National Bureau of
Statistics (NBS) said on Tuesday, up from a record-low of 35.7
in February, and topping analysts' forecast of 45.0.
The broader Topix .TOPX added 0.3% to 1,439.67 by the
midday recess, with oil and coal products sector .IPETE.T
leading the gain.
Major oil refiners JXTG Holdings Inc 5020.T and Idemitsu
Kosan Co Ltd 5019.T rose 4.4% and 3.6%, respectively, after
oil prices recovered some ground on Tuesday as the United States
and Russia agreed to discuss stabilising energy markets. O/R
As Tokyo was seen moving closer toward a potential citywide
lockdown over the coronavirus pandemic, shares of remote
work-related firms and gamemakers rose.
Web/TV conferencing services provider V-cube Inc 3681.T
soared 13.3%.
Nintendo Co Ltd 7974.T gained 3.1%, Square Enix Holdings
Co Ltd 9684.T rose 3.4%, and Capcom Co Ltd 9697.T added
2.9%.
Fujifilm Holdings Corp 4901.T jumped 6.6% after the
business daily Nikkei reported the company planned to increase
production of its Avigan anti-flu drug, also known as
favipiravir. Fujifilm stocks climbed 6.0% on Monday after Prime Minister
Shinzo Abe said the government would push for approval of the
drug as a potential coronavirus treatment. .T