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Japanese shares end higher, all eyes on U.S. election results

Stock MarketsNov 04, 2020 14:50
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TOKYO, Nov 4 (Reuters) - Japanese shares rose on Wednesday
as markets cautiously eyed the U.S. presidential election
results, while gains were capped as voting projections showed a
tight race between President Donald Trump and Democratic
challenger Joe Biden.
The benchmark Nikkei share average .N225 rose 1.72% to
close at 23,695.23, after rallying more than 2% in early trade
to its highest level since February.
The broader Topix .TOPX gained 1.2% to 1,627.25.
Investors had initially priced in a possible Democratic
sweep by Biden, which could ease political risk while promising
a huge boost to fiscal stimulus.
But gains were capped as worries of a contested election
returned after Trump took the lead over Biden in the vital
battleground of Florida and other U.S. swing states.
"While the outcome is still not concrete, stocks seem to be
moving in the direction of pricing in a higher probability of a
Trump win," said Fumio Matsumoto, chief strategist at Okasan
Securities.
Incoming election results "indirectly took Japan's renewable
energy-related stocks lower," such as Renova 9519.T , Matsumoto
said.
"Although Biden's (clean energy) plan does not have direct
link to Japan, there were speculations that a Biden presidency
would lead to Japan's shift from coal-fired thermal power to
renewable energy," he said.
Renova 9519.T , a company engaged in renewable energy
generation business, fell 6.36%.
Leading gains among the top 30 core Topix were Recruit
Holdings Co Ltd 6098.T up 5.16 %, followed by Daiichi Sankyo
Co Ltd 4568.T .
Among the largest percentage gainers in the index were
Fujikura Ltd 5803.T up 27.92%, followed by NTT Data Corp
9613.T gaining 11.04 % after both firms logged
better-than-expected earnings results for the fiscal year ending
March.
Elsewhere, the Mothers Index .MTHR of start-up firm shares
snapped four consecutive sessions of losses and jumped more than
5.3%, marking its biggest daily gain since early May.

Japanese shares end higher, all eyes on U.S. election results
 

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