July 9, 2020 / 3:47 AM / a month ago

Nikkei rebounds as tech-related shares gain

TOKYO, July 9 (Reuters) - Japan’s Nikkei share average bounced back on Thursday, powered by technology-related stocks following strong gains in U.S. peers overnight.

The benchmark Nikkei share average rose 0.21% to 22,486.01 by the midday break, partially clawing back from a 0.78% drop in the previous session.

On the Nikkei index, there were 42 advancers against 178 decliners.

Investor sentiment, however, remained fragile over rising coronavirus cases at home and abroad.

The market showed little reaction to data that Japan’s machinery orders unexpectedly rose 1.7% in May after a 12.0% slump in April due to the pandemic.

Domestic technology-related stocks advanced after the Nasdaq marked its fourth record closing high in five days on Wednesday.

Tech conglomerate and Nikkei heavyweight SoftBank Group Corp jumped 4.67%, lifting information and communication to the top performing sector on the main bourse at 1.69%.

Pharmaceutical company Eisai Co Ltd climbed 3.87% after the company and its partner Biogen submitted a marketing application to the U.S. drug regulator for their Alzheimer’s drug.

Trading house Itochu Corp inched down 0.09% after it announced a tender offer for the rest of FamilyMart Co Ltd .

FamilyMart, expected to be delisted if the bid is successful, was untraded by the midday break with a glut of buy orders.

The broader Topix fell 0.3% to 1,552.61 by the recess, with all but six of the 33 sector sub-indexes on the Tokyo exchange trading in negative territory. (Reporting by Eimi Yamamitsu; Editing by Sriraj Kalluvila)

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