🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Nikkei steady, holds near 1-year high; chip-related shares jump

Published 10/25/2019, 11:43 AM
Updated 10/25/2019, 11:48 AM
Nikkei steady, holds near 1-year high; chip-related shares jump
JP225
-
INTC
-
LRCX
-
BIIB
-
SOX
-
TOPX
-
4523
-
7735
-
8035
-
6146
-

TOKYO, Oct 25 (Reuters) - Japan's benchmark Nikkei share
average was steady, hovering near its one-year peak on Friday as
some positive earnings from overseas tech companies offset
growth concerns, with semiconductor-related stocks leading the
gainers.
The Nikkei average .N225 was virtually flat at 21,747.08
by the midday break, after climbing to as high as 22,819.92, its
highest level since Oct. 18 of last year. For the week, it was
up 1.1% and was on track for a third consecutive weekly gain.
The broader Topix .TOPX also was little moved at 1,644.23,
just a whisker away from its 10-1/2-month peak marked the
previous day.
Semiconductor-related stocks were the highlight of the
morning after Intel INTC.O beat Wall Street estimates for
third-quarter revenue and profit and raised its full-year
revenue forecast overnight, easing concerns about slowing
demand. Lam Research LRCX.O was the top boost to the Philadelphia
SE Semiconductor index .SOX , which rose 2.5% a day in New York
trading, after the chip equipment maker forecast strong results
for the December quarter. In Tokyo, the Nikkei heavyweight Tokyo Electron 8035.T and
Screen Holdings 7735.T climbed 2.3% and 2.1%, respectively.
Disco 6146.T also soared 9.6% even after the chipmaking
equipment firm reported weak earnings results for the April-Sept
period, as analysts say the downturn in orders may bottom out
next year. Eisai 4523.T enjoyed its stellar run of the past two days,
surging 8.2%, after reaching its daily limit-high on Wednesday
and Thursday, as the Japanese drugmaker agreed with its U.S.
partner Biogen BIIB.O to revive plans to seek U.S. approval
for an Alzheimer's treatment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.