24.10.201605:17:00UTC+00Nikkei Rises, Weak Cyclical Stocks Offset by Drugmakers’ Rally

The Nikkei share average index added 0.3% to 17, 234.42 in choppy trade on Monday, as investors flocked to drugmakers stocks which had raised their mid-year earnings outlook, counterbalancing the weak performance of cyclical stocks due to profit-taking,

Cyclical stocks including lenders and exporters underperformed after their recent rally, while mining stocks were the worst performers of the session.

Meanwhile, drugmakers attracted buying after raising their mid-year earnings guidance. Sumitomo Dainippon and Kobayashi Pharmaceutical both added 1.0% after raising their respective profit outlooks.

The Topix edged up 0.2% to 1, 367.61, with only 1.497 billion shares being traded, the lowest recorded level in two months and signifying a thin trade. Turnover came in at 1.566 trillion yen, a low not seen since May 30.

The JPX-Nikkei Index 400 advanced 0.2% to 12, 259. 77.