Staff of Reuters Read for 2 minutes Reuters, TOKYO, July 6 – On Tuesday, Japan’s Nikkei finished marginally higher as SoftBank Group and Fast Retailing shares recovered, however concerns about a possible surge in coronavirus infections during the Olympics restrained gains. The Nikkei stock average finished 0.16 percent higher at 28,643.21, giving up 0.5 percent gains earlier in the day. At 1,954.50, the wider Topix rose 0.28 percent. SoftBank Group gained 1%, while Fast Retailing, the operator of the Uniqlo clothing chain, gained 0.45%, and Daikin Industries, the maker of air conditioners, gained 2.6 percent, following significant losses on Monday. After a spike of COVID-19 cases in Tokyo over the weekend, the Nikkei fell more than 0.6 percent in the prior session. “After yesterday’s sell-off, it appears that there is some buying back of shares,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management. “With a large influx of athletes and journalists from around the world expected for the Olympics, investors are concerned about an outbreak of diseases, which is limiting any gains in Japanese markets.” On Thursday, Japan’s government is expected to decide to prolong a state of quasi-emergency in Tokyo and three adjacent prefectures beyond the original July 11 deadline. The Nikkei’s greatest percentage gainer was industrial machinery company Hitachi Zozen, which rose 4.2 percent, while the biggest percentage loser was packaging container maker Toyo Seikan Group Holdings, which fell 4.1 percent. Air transport was the sector that gained the most on the Topix, with a gain of 2.8 percent. Following that, oil and coal producers gained 1.8 percent, followed by miners, who gained 1.6 percent. Shippers were the hardest hit, falling 1%, followed by securities firms, which fell 0.7 percent, and pharma companies, which sank 0.6 percent. Kevin Buckland contributed reporting from Tokyo, while Shailesh Kuber and Amy Caren edited the piece. Daniel/n
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