Economy

Japan's Nikkei closes above 30,000 on earnings rebound, economy growth hopes – TheChronicleHerald.ca

Published

4 years ago

February 15, 2021

By Stanley White

TOKYO (Reuters) – Japanese shares surged on Monday to close at over 30-year high on rising expectations for a rebound in corporate earnings and economic growth.

The Nikkei index ended up 1.91% at 30,084.15, reclaiming the psychologically important 30,000 level for the first time since August 1990. Energy, healthcare, and industrial shares led the gains.

The broader Topix rose 1.04% to 1,953.94 to close at its highest since June 1991.

Shares of companies that have reported positive earnings rose, as investors continued to bet on sectors expected to perform well as the global economy recovers from the coronavirus pandemic.

Japan is expected to start coronavirus vaccinations this week, which is also supporting stock prices. However, Japanese stocks have rallied 8% so far this month, and some analysts warn that the market may be overheating.

“Stocks have risen so fast you could say they’ve broken the speed limit,” said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank.

“Earnings growth has already been priced in for at least a year from now. There is reluctance to chase the upside from here, but stocks won’t fall too much.”

Equities also got a boost after data showed Japan’s gross domestic product grew faster than expected in the fourth quarter.

The stocks that gained the most among the top 30 core Topix names were Daiichi Sankyo Co Ltd up 3.6%, followed by Fanuc Corp, up 3.39%.

The underperformers among the Topix 30 were Hitachi Ltd down 0.94%, followed by Kao Corp that lost 0.48%.

There were 163 advancers on the Nikkei index against 59 decliners.

The volume of shares traded on the Tokyo Stock Exchange’s main board was 1.15 billion, compared to the average of 1.26 billion in the past 30 days.

(Reporting by Stanley White; Editing by Vinay Dwivedi)

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

9 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

16 hours ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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