TOKYO, Nov 2 Reuters Japans Nikkei share average jumped on Monday, weathering the impact from downbeat U.S. stocks late last week, as signs of a recovery in earnings at home and a relatively contained domestic COVID19 situation lifted sentiment.
The Nikkei rose 1.42 to 23,303.42, erasing all of its Friday losses that took it to a twomonth closing low. The broader Topix gained even more, rising 1.78 to 1,607.39 from Fridays nearthreemonth trough.
Looking at Japanese earnings, you can see cyclicals are recovering. Some companies are raising their annual guidance more than expected, said Fumio Matsumoto, chief strategist at Okasan Securities.
Keyence, the fourthlargest company on the Tokyo bourse by market capitalisation, rose 1.7 after the developer of sensors and other electronic goods announced upbeat quarterly earnings.
Makita Corp jumped 8.3 following its brisk earnings, while M3, which has more than doubled so far this year, added 1.4.
But, Murata Manufacturing dipped 0.9, failing to maintain earlier gains on profittaking. The company had revised up its annual estimates more than expected, citing stronger recovery in smart phone and automobilerelated demand.
Cheaper, value shares attracted investors bargainhunting the most, with limited virus cases in Japan giving some advantage. Daily new infections remain less than one thousand compared with over ten thousands in most other G7 countries.
Japan Tobacco rose 6.1 after its earnings.
The electricity and gas…