Tech, bank stocks push Japanese shares to gain

Published: May 08, 2018 12:27:44 | Updated: May 10, 2018 10:41:14

File Photo (Collected)

Japanese shares rose on Tuesday as tech shares rallied and Takeda Pharmaceutical jumped after a report the drug-maker will make a formal offer to buy Shire for $62 billion.

The Nikkei gained 0.4 per cent to 22,551.35 points by mid-morning.

Takeda Pharmaceutical gained 2.0 per cent and was the third most traded stock in turnover after trading in negative territory, reports Reuters.

The Nikkei reported that the drug-maker will make a formal offer to buy Irish drug-maker Shire for 46 billion pounds ($62.3 billion) in cash and stock on Tuesday.

Tech shares outperformed, with Kyocera rising 1.2 per cent and TDK gaining 0.9 per cent.

Banks were also higher, with Mitsubishi UFJ Financial Group advancing 1.2 per cent and Mizuho Financial Group adding 0.9 per cent.

Meanwhile, Suruga Bank, whose shares have dropped 41 per cent this year in connection with loans it made to customers for housing investment, dived more than 8.0 per cent.

The broader Topix gained 0.6 per cent to 1,782.94.

Share if you like