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MarketScreener Homepage  >  Indexes  >  Nikkei 225    N225   JP9010C00002

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Nikkei ends at fresh 29-year peak as vaccine hopes continue to rise

11/11/2020 | 02:20am EST
FILE PHOTO: A man works at the Tokyo Stock Exchange after market opens in Tokyo

TOKYO (Reuters) - Japan's Nikkei surged to close at a fresh 29-year high on Wednesday, as investors remained hopeful of a swift global economic recovery from the COVID-19 pandemic on vaccine-related developments.

The benchmark Nikkei share average <.N225> closed 1.78% higher at 25,349.60, marking its highest closing level since June 1991.

The index also extended gains to a seventh consecutive session, its longest rally since October 2019.

The broader Topix gained 1.66% to 1,723.65, its highest level since Feb. 7. All but three of the 33 sector sub-indexes on the Tokyo exchange traded higher.

Along with optimism after U.S. drugmaker Pfizer said on Monday that its initial trial results showed that the experimental COVID-19 vaccine is more than 90% effective, Japanese shares were supported by upbeat company earnings reports and receding U.S. political uncertainty, analysts said.

U.S. stock futures edged higher in Asian trade, while upbeat company earnings also provided a tailwind to the market.

Cyclical financials sectors outperformed as they benefited from an overnight jump in U.S. Treasury yields, with insurers <.IINSU.T> and banks <.IBNKS.T> up 3.06% and 2.72%, respectively.

Meanwhile, airlines ANA Holdings and Japan Airlines, which had soared around 17% each on Tuesday on the vaccine rally, lost steam and were last down 1.13% and 2.11%, respectively. Internet service provider DeNA was among the largest percentage gainers in the index, soaring more than 12% after it posted upbeat half-year earnings.

Regional banks gained after the Bank of Japan unveiled on Tuesday a scheme aimed at incentivising regional lenders to consolidate and help revitalise regional economies.

Concordia Financial Group jumped more than 4.7%, followed by Shimane Bank and Chiba Bank rising 5.61% and 3.57%, respectively.

Kansai Mirai Financial Group jumped 13.4% after Resona Holdings said it would pay up to 66.15 billion yen ($628.38 million) to take full control of the company. Resona Holdings climbed nearly 4.47%.

($1 = 105.2700 yen)

(Reporting by Eimi Yamamitsu; Editing by Rashmi Aich)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. 0.02% 2282 End-of-day quote.0.22%
CONCORDIA FINANCIAL GROUP, LTD. -1.26% 391 End-of-day quote.7.71%
DENA CO., LTD. 1.06% 1913 End-of-day quote.4.02%
JAPAN AIRLINES CO., LTD. 0.21% 1892 End-of-day quote.-5.16%
KANSAI MIRAI FINANCIAL GROUP, INC. 0.18% 547 End-of-day quote.9.62%
MIRAI CORPORATION -0.39% 38550 End-of-day quote.0.26%
NIKKEI 225 -0.62% 28519.18 Real-time Quote.3.92%
PFIZER INC. -0.14% 36.7 Delayed Quote.-0.30%
RESONA HOLDINGS, INC. -0.92% 389.7 End-of-day quote.8.13%
THE CHIBA BANK, LTD. -1.63% 603 End-of-day quote.6.16%
THE SHIMANE BANK, LTD. -1.64% 659 End-of-day quote.7.33%
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