Tokyo: Shares rise on bargain hunting, optimism for Russia-Ukraine talks
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[TOKYO] Japanese shares rose on Tuesday (Mar 1), as sentiment was supported by sustained optimism about ceasefire talks between Russia and Ukraine, prompting investors to scoop up beaten-down stocks.
The Nikkei share average rose 1.2 per cent to 26,844.72, after crossing the 27,000 level for the first time since Feb 18. The broader Topix gained 0.54 per cent to 1,897.17.
Russia is facing increasing isolation over its invasion of Ukraine. Ceasefire talks between Russia and its southern neighbour held Monday failed to reach a breakthrough and negotiators have not said when a new round would take place.
"Investors have been trying to see a sign for better developments of the Russia's invasion into Ukraine, including a ceasefire. Also, they believed in a positive effect of powerful Western sanctions against Russia," Ikuo Mitsui, fund manager at Aizawa Securities.
"They also bought back cheap stocks so that also lifted the market today." Toshiba rose 2.36 per cent after the conglomerate made a sudden announcement that its chief executive Satoshi Tsunakawa will be replaced by Taro Shimada, a former Siemens executive effective Tuesday.
Mitsui OSK Lines jumped 6.21 per cent after the shipping firm announced a share split.
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Online broker Monex Group surged 19.31 per cent after a regulatory filing showed Hong Kong-based activist fund Oasis Management has bought a 5.08 per cent stake in the firm.
Toyota Motor inched down 0.26 per cent after the automaker said it will restart domestic production from Wednesday, a day after all of its factories nationwide ground to a halt following a cyberattack at a parts supplier.
Banking group Mitsubishi UFJ Financial Group, down 1.68 per cent, was the worst performer among the top 30 core Topix names, followed by trading firm Mitsui & Co, losing 1.38 per cent.
There were 125 advancers on the Nikkei index against 96 decliners.
The volume of shares traded on the Tokyo Stock Exchange's main board was 1.25 billion, compared to past 30-day average of 1.29 billion. REUTERS
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