Share

Tokyo shares rebound after six-day losing streak

Tokyo - Toyota and Sony led healthy gains in Tokyo on Wednesday morning as the Nikkei stock index rebounded after six days of losses, following a rally on Wall Street and European bourses.

Exporters were the big gainers as the yen sharply weakened, a plus for their profitability, while a better-than forecast trade reading out of China also provided some much-needed support after a torrid start to 2016.

"It's a relief," Chihiro Ohta, general manager of investment information at SMBC Nikko Securities, told Bloomberg News.

"We've fallen six days in a row, and we're seeing signals flashing that Japanese stocks are falling too quickly. We're at a level where we can expect a technical rebound."

By the break, the Nikkei 225 index jumped 463.37 points to 17 682.33, while the broader Topix index of all first-section shares rose 39.44 points to 1 441.39.

On Tuesday, stabilisation in China's markets, including a firming of the yuan currency, sparked buying both in Europe and on Wall Street, after the worst ever opening week for a new year.

The Dow closed up 0.72% while the S&P 500 advanced 0.78 and the Nasdaq surged 1.03%.
Oil prices rallied on Wednesday, a day after falling below $30 in New York for the first time since December 2003.

On currency markets, the dollar rebounded to ¥118.25 from ¥117.66 in New York.

That lifted Toyota, which soared 3.58% to ¥6 997 while Sony jumped 3.81% to ¥2 777. Uniqlo-operator Fast Retailing, a market heavyweight, rose 2.55% to ¥38 590.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.06
-0.8%
Rand - Pound
24.04
-0.6%
Rand - Euro
20.55
-0.4%
Rand - Aus dollar
12.37
-0.2%
Rand - Yen
0.13
-0.8%
Platinum
901.20
+0.5%
Palladium
997.97
-0.4%
Gold
2,200.01
+0.2%
Silver
24.52
-0.5%
Brent Crude
86.09
-0.2%
Top 40
68,001
+0.5%
All Share
74,204
+0.4%
Resource 10
56,476
+1.5%
Industrial 25
103,644
+0.4%
Financial 15
16,491
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders