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Japan's Nikkei jumps 3% on Wall Street strength, bargain-buying

10/04/2022 | 02:38am EST

TOKYO, Oct 4 (Reuters) - Japan's Nikkei jumped 3% on Tuesday to record its best session in more than six months, as investors scooped up beaten-down heavyweights and growth stocks after Wall Street closed sharply higher overnight.

The Nikkei share average advanced 2.96% to 26,992.21 in broad-based buying, marking its biggest daily gain since March 23, and posting its highest close since Sept. 22.

The broader Topix jumped 3.21% to 1,906.89 in its sharpest daily gain since March 10.

Wall Street's three major indexes rallied more than 2% on Monday, as Treasury yields tumbled on weaker-than-expected manufacturing data, increasing the appeal of stocks.

"Investors scooped up shares that were beaten down, especially heavyweights and growth stocks," said Maki Sawada, a strategist at Nomura Securities. "The market was also underpinned by the strong finish of Wall Street."

Market participants shrugged off news that nuclear-armed North Korea fired a ballistic missile over Japan for the first time in five years earlier in the day.

Uniqlo clothing shop owner Fast Retailing rose 2.02% and was the biggest boost for the Nikkei, followed by technology investor SoftBank Group, jumping 5.1%, and chip-making equipment maker Tokyo Electron, which rose 2.68%.

The wholesales sector, which includes trading houses, was the top performer among the Tokyo Stock Exchange's 33 industry sub-indexes, jumping 5.53% as Itochu raised its profit forecast and announced a share buyback.

Itochu surged 8.34%, while Mitsubishi Corp gained 4.83% and Mitsui & Co climbed 5.39%.

Energy shares also advanced, as oil prices rose after the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, said it would consider reducing output.

Explorers jumped 4.96% and refiners rose 4.13%. Inpex and Japan Petroleum Exploration Co climbed 5.36% and 3.37%, respectively.

Shipping firm Kawasaki Kisen was the only decliner on the Nikkei, falling 1%. (Reporting by Junko Fujita; Editing by Subhranshu Sahu)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADVANCE LOGISTICS INVESTMENT CORPORATION 0.41% 146100 Delayed Quote.-20.21%
BRENT OIL -1.49% 85.9 Delayed Quote.11.95%
FAST RETAILING CO., LTD. -1.72% 81360 Delayed Quote.24.58%
INPEX CORPORATION -2.35% 1497 Delayed Quote.49.40%
JAPAN PETROLEUM EXPLORATION CO., LTD. -2.00% 4155 Delayed Quote.65.80%
KAWASAKI KISEN KAISHA, LTD. -1.62% 2548 Delayed Quote.10.46%
MITSUBISHI CORPORATION -2.25% 4441 Delayed Quote.21.60%
MITSUI & CO., LTD. -2.65% 3825 Delayed Quote.40.44%
NIKKEI 225 -1.59% 27777.9 Real-time Quote.-3.52%
NOMURA CO., LTD. -1.88% 993 Delayed Quote.4.20%
NOMURA CORPORATION 1.05% 1054 Delayed Quote.20.32%
SOFTBANK GROUP CORP. 0.13% 6055 Delayed Quote.11.43%
TOKYO ELECTRON LTD. -0.34% 46740 Delayed Quote.-29.48%
TOPIX INDEX -1.64% 1953.98 Delayed Quote.-1.92%
WTI -1.34% 80.208 Delayed Quote.6.45%
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