TOKYO: Japan’s Nikkei share average rose on Wednesday, as tech stocks tracked their US peers higher and renewed hopes of a China stimulus helped lift the mood.
Shares of 7-Eleven owner and takeover target Seven & i Holdings jumped following a media report of a sweetened bid.
The Nikkei climbed 0.87% to end the day at 39,277.96 points, with the chip sector and other high-tech names making up four of the top five points gainers.
The broader Topix added 0.3%, with a sub-index of growth shares gaining 0.85% while value shares dropped 0.23%.
Japanese shares started the day on an upbeat note but momentum ebbed over the course of trading, until they received a boost midway through the afternoon session as Beijing announced the finance ministry would detail plans for fiscal stimulus on Saturday.
Seven & i, which is fending off an approach from Circle K-owner Alimentation Couche-Tard, jumped as much as 11.77% after Bloomberg reported the Canadian retailer was preparing to raise its offer to about $47 billion. It finished the day 4.71% higher.
Seven & i confirmed it had received a revised offer after the close of trade.
Japanese retailers are reporting earnings this week, with both Seven & i and Uniqlo-owner Fast Retailing due to announce their results after the closing bell on Thursday.
Fast Retailing, which rose 1.14%, was the Nikkei’s second-biggest points gainer on Wednesday mainly due to its extremely heavy weighting in the index.
Nvidia supplier Advantest took the top spot, rallying 3.65%.
Source: Brecorder
