Japan Stocks Rise to 6-Month High Amid Earnings as Telcos Gain
- Coca-Cola West, Kirin advance on talks of an alliance
- Oil producers and explorers sink as crude trades below $50
Japanese shares extended their rally to a six-month high with reports of positive earnings from NTT Docomo Inc. buoying investor sentiment as the domestic reporting season gathered pace.
The Topix index gained 0.4 percent to the highest since April 27 at the close in Tokyo. Encouraging results from companies including construction firm Hazama Ando Corp. and Nidec Corp. raised optimism about domestic earnings at Japanese firms, with more than 350 companies on the Topix set to report this week. Coca-Cola West Co. and Kirin Holdings Co. rose on talks of a possible tie-up. Mixed forecasts from U.S. industry giants and a slump in U.S. consumer confidence raised concerns over the pace of growth in the world’s largest economy, weighing on shares earlier.