Heavyweights Pull Nikkei Lower, Topix Gains on Drugmakers Boost

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TOKYO, June 8 Reuters Japans Nikkei stock index ended lower on Tuesday, dragged down by losses in heavyweights, including Softbank Group, while a rally in drugmakers lifted the broader Topix index.

Nikkei inched down 0.2 to close at 28,963.56, while the Topix edged up 0.1 at 1,962.65.

Most heavyweights fell, with global startup investor SoftBank Group slipping 1.6, while airconditioner maker Daikin Industries down 3.1. Sumitomo Metal Mining was the biggest loser dropping 4.1 decline.

Eisai Co was the biggest gainer, jumping 19.4, to its daily upper limit, after U.S. regulators on Monday approved a drug jointly developed by the drugmaker and Biogen Incs as the first treatment to attack a likely cause of Alzheimers disease.

Daiichi Sankyo and Astellas Pharma also rose 4.9 and 0.8, respectively.

Leading gains among subindexes on the Topix, pharma and sea transport subindex rose 2.8 each. Air transport and land transport rose 1.6 and 0.9, respectively.

The news on Eisai has given a boost to its peers as well as the overall market, said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

Investors are also scooping up Japanese shares which lagged behind their global peers, as prospects of an economic recovery has brightened amid a rollout of COVID19 vaccines.

An early gain for the Nikkei was snuffed out as investors were cautious ahead of the U.S. consumer price index CPI report this week and the U.S. central banks meeting…

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