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Nikkei recoups early losses as travel-related shares bounce back

Stock MarketsApr 26, 2021 04:48
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© Reuters.

TOKYO, April 26 (Reuters) - Japanese shares ticked higher on
Monday, as travel-related stocks bounced back from losses driven
by fears of coronavirus curbs, and after ANA 9202.T forecast a
smaller-than-expected full-year loss.
The Nikkei share average .N225 rose 0.24% to 29,089.48,
recovering from earlier losses of 0.43%. The broader Topix
.TOPX edged up 0.11% to 1,917.00.
Travel-related shares led the gains after their big declines
in recent weeks as investors closed their selling positions made
in anticipation of social restrictions to curb the fourth wave
of COVID-19 infections.
Japan on Friday declared "short and powerful" states of
emergency for Tokyo, Osaka and two other prefectures, requiring
restaurants, bars and karaoke parlours serving alcohol to close
and big sporting events to be held without
spectators. "Those sectors hit by the coronavirus are getting bought
back as there are hopes that the coronavirus infections will
decline now that the government has declared an emergency," said
Takashi Hiroki, chief strategist at Monex Securities.
ANA Holdings 9202.T gained 5.4% after the airline said
its full-year operating loss would be narrower than previously
forecast. Railway companies soared, with Central Japan Railway
9022.T , West Japan Railway 9021.T and East Japan Railway
9020.T up 3.9%, 3.4% and 2.7%, respectively.
Tokyo Disney Resort operator Oriental Land Corp 4661.T
rose 2.5%.
"Because the market has started to underperform globally
partly due to the rise of local infections, if the new
restrictions curtail infections, the market might be relieved
even if economic growth is somewhat lessened by such," said John
Vail, chief global strategist at Nikko Asset Management.
On the other hand, M3 2413.T dropped as much as 7.2% after
the medical portal platform operator announced upbeat quarterly
results but declined to give an annual guidance for the current
year.
M3 followed a pattern seen in recent sessions when the
market's leading growth shares such as Yaskawa Electric 6506.T
and Nidec 6594.T fell despite reporting fairly upbeat
earnings.

Nikkei recoups early losses as travel-related shares bounce back
 

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