Japanese shares rise slightly; Toyota extends rally

Published: May 10, 2018 10:50:51 | Updated: May 12, 2018 12:21:05

File Photo (Reuters)

Japan’s Nikkei share average edged up on Thursday morning with risk sentiment supported by gains on Wall Street, while Toyota extended its gains the day after publishing full-year results.

The Nikkei gained 0.3 per cent to 22,464.35 in mid-morning trade. Shares of Toyota Motor rose 2.3 per cent to hit fresh three-month highs, reports Reuters.

The shares rose 3.8 per cent on Wednesday after Toyota published its annual results and held a briefing during trading hours, in which the company forecast better-than-expected profits this fiscal year.

Elsewhere, the mining sector staged a rally as oil prices stay high, with Inpex Corp surging 3.0 per cent.

Mitsubishi Motors Corp jumped 10 per cent after it said operating profit was expected to rise 12 per cent in the current financial year, driven by higher vehicle sales in Asia.

Isetan Mitsukoshi Holdings soared 9.3 per cent after the department store operator said its operating profit will likely rise 18.8 per cent to 29 billion Japanese yen ($264.48 million) in the year ending March 2019. It also expects a net profit of 13 billion yen, compared to 900 million yen in net loss in the previous year.

The broader Topix was flat at 1,772.64.

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