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Nikkei tracks Wall St higher as U.S. election vote count goes on

Published 05/11/2020, 04:17
Updated 05/11/2020, 04:18
© Reuters.

TOKYO, Nov 5 (Reuters) - Japanese shares extended their
gains on Thursday, with investors awaiting final vote counts for
the U.S. presidential election after results from several states
gave a narrow lead to Democrat Joe Biden.
The benchmark Nikkei share average .N225 rose 0.99% to
23,929.61 by the midday break after briefly touching the
24,000-level — its highest since Jan. 22. The broader Topix
.TOPX gained 0.73% to 1,639.21.
Both Biden and U.S. President Donald Trump were on track to
reach 270 Electoral College votes as counting went on. Biden won
in Wisconsin and Michigan, while Trump's campaign moved to file
lawsuits and request for a recount in many states. Overnight, Wall Street main indexes surged as the likelihood
of gridlock in Congress made investors optimistic that major
policy changes would be difficult to enact. .N
Japan's growth stocks performed well, taking cues from its
U.S. counterparts as investors anticipated growth-oriented
shares to generally outperform value stocks, a similar landscape
to the one in the months leading up to the election.
The Topix Growth index .TOPXG rose 1.81%, while the Topix
Value index .TOPXV fell 0.41%.
Banks .IBNKS.T and insurers .IINSU.T were down 1.73% and
1.93%, respectively, as they were hurt by overnight drops in
U.S. Treasury yields.
Pharmaceutical firm Eisai 4523.T were untraded with a glut
of buy orders, last quoted up 17.91% to hit its daily limit
after the company and its partner Biogen Inc BIIB.O moved
closer to receiving the FDA's nod for Alzheimer's disease drug.
Subaru Corp 7270.T climbed 2.27% after the automobile
company raised its operating profit outlook as U.S. vehicle
sales rebounded more than it expected. The Mothers Index .MTHR of start-up firm shares gained
nearly 2.9%, extending its rally from a more than 5% rise.

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