4:30 PM Tokyo – Stocks in Tokyo advanced after retreating for two days in a row and the Bank of Japan stepped up purchase of ETFs for the first time in three weeks. Pharmaceutical stocks were in focus for the second day on above average dividend yield.
Stocks in Tokyo traded higher after two days of selling and the Bank of Japan returned to stock market for additional purchase.
Stocks opened lower in Tokyo and indexes dropped as much as 0.3% but managed to recover in the afternoon trading after the Bank of Japan purchased exchange-traded-funds on Tuesday and Wednesday of at least 35.2 billion yen or $294 million. The news was first reported by Reuters.
The central bank returned to market and acquired funds for the first time in three weeks.
The Nikkei 225 Stock Average rose 48.24 or 0.3% to 18,751.84 and the broader Topix index increased 6.71 to 1,523.72.
The yen eased and closed at 120.15 against one dollar.
Pharmaceutical stocks jumped for the second day in a row on above-average dividend yield. The yield in the sector averages just under 2% compared to 1.38% in the Nikkei index.
Ono Pharmaceutical Co soared as much as 8% after its development partner Bristol Myers Squibb won a U.S. regulatory approval for its drug cancer Opdivo.
Stocks in Review
fell 0.4% to 505 yen after the data center and networking service provider said net sales in the first-half ending in January jumped 4.5% to 9.22 billion yen from 8.82 billion yen a year ago period.
Net income in the period plunged 21% to 672 million yen compared to 851 million yen and diluted earnings per share slipped to 18.85 yen from 23.30 yen in the same period a year ago.
gained 0.6% to 3,344 yen on a report that the consumer electronic product maker sold 20.2 million units of PlayStation 4 as of March 1.
Recruit Holdings Co Ltd
rose 0.1% to 3,780 yen after the recruiting company agreed to acquire Germany-based online restaurant reservation service provider Quandoo GmbH for about €198.6 million or $219.2 million.
Senshu Electric Co., Ltd
closed unchanged at 1,700 yen after the wires and cable provider reported net sales in the first-quarter ending in January edged up 0.8% to 19.69 billion yen from 19.55 billion yen a year ago period.
Net income in the period dropped 4% to 388 million yen compared to 404 million yen and earnings per share slid to 37.10 yen from 38.65 yen in the same period a year ago.