TOKYO, April 15 (Reuters) - Japanese shares inched higher on
Thursday as investors picked up cyclical firms that would
benefit from a global economic rebound, while financials tracked
an overnight rise in Goldman Sachs and Wells Fargo & Co stocks.
Nikkei share average .N225 edged up 0.3% to 29,709.38 by
0151 GMT, while the broader Topix .TOPX gained 0.54% to
1,962.78.
"There are concerns about the economic slowdown in Japan due
to a resurgence of the virus, but investors are looking at the
economic sensitive stocks that would benefit from foreign
demand," said Norihiro Fujito, chief investment strategist,
Mitsubishi UFJ Morgan Stanley Securities.
"Particularly foreign trades are expected to be active and
that is boosting shipping firms."
The Topix subindex for shippers .ISHIP.T gained most among
the 33 sector sub-indexes on the Tokyo exchange, with Nippon
Yusen 9101.T jumping 5.7%, Mitsui OSK Lines 9104.T rising
3.17% and Kawasaki Kisen 9107.T climbing 4.4%.
The sub-index for mining .IMING.T and oil refiners
.IPETE.T also advanced.
Financial shares rose after Goldman Sachs Group Inc GS.N
and Wells Fargo & Co WFC.N advanced on bumper first-quarter
profits. Mitsubishi UFJ Financial Group 8306.T rose 2.11%, Sumitomo
Mitsui Financial Group 8316.T gained 2.16% and Nomura Holdings
8604.T advanced 2.05%.
Toshiba Corp 6502.T rose 1.65%, following reports that the
conglomerate is seeing more bidders to take it private.
Seven & i Holdings Co 3382.T , up 4.89 %, gained the most
among the top 30 core Topix names, followed by Sumitomo Mitsui
Financial Group.
The underperformers among the Topix 30 were Nintendo
7974.T , down 1.71%, followed by Fanuc 6954.T losing 0.55%.
There were 181 advancers on the Nikkei index against 41
decliners.
All but three of the 33 sector sub-indexes on the Tokyo
exchange traded higher.
(Reporing by Junko Fujita; Editing by Shailesh Kuber)