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MarketScreener Homepage  >  Indexes  >  Nikkei 225    N225   JP9010C00002

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Japan shares extend rally, end at 29-1/2-year high on U.S. stimulus, vaccine hopes

12/02/2020 | 02:15am EST

TOKYO, Dec 2 (Reuters) - Japan's Nikkei share average closed at a 29-1/2-year high on Wednesday, buoyed by hopes of a U.S. stimulus package and progress in a COVID-19 vaccine, but gains were capped by some profit-taking after a strong November rally.

Nikkei ended up 0.05% at 26,800.98, its highest closing since April 1991, extending its bull run after U.S. elections. The broader Topix rose 0.32% to 1,773.97, edging near a two-year peak touched last Friday.

"With the Nikkei so close to 27,000, investors are getting a bit cautious. We've priced in a lot of good news. But I don't think the market will fall that much either," said Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management.

Sentiment was also fuelled as U.S. politicians put forth a flurry of proposals on coronavirus relief packages after a month-long partisan standoff.

Hopes that vaccines can reduce the need for strict social restrictions next year also underpinned the market, especially value shares.

Honda Motor rose 5.1% while retailer Seven&i Holdings climbed 3.3% and Takeda Pharmaceutical added 2.9%.

Topix value rose 1.01%, outperforming 0.32% gains in growth shares.

The Nikkei's gains were checked by a 4.8% drop in Recruit Holdings, after the recruitment advertiser said its shareholders would sell 416.8 billion yen ($4 billion) worth of shares in the company to overseas investors.

Some other large-cap growth shares were bruised by profit-taking, with both Sony and Hoya losing 2.0% each.

Ito en lost 3.8% after the beverage firm cut its annual net profit outlook by more than a half.

Nishimatsuya Chain dropped 2.7% after the retailer of kids clothes' earnings upgrade prompted profit-taking from the shares' 60% gains so far this year.

Workman fell 5.0% after the clothing retailer's November sales grew 8.6% but came in short of market expectations.

(Reporting by Hideyuki Sano, Editing by Sherry Jacob-Phillips and Rashmi Aich)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HONDA MOTOR CO., LTD. -2.88% 2835 End-of-day quote.-1.48%
HOYA CORPORATION 0.22% 13950 End-of-day quote.-2.24%
ITO EN, LTD. -0.44% 6820 End-of-day quote.4.44%
NIKKEI 225 -0.62% 28519.18 Real-time Quote.4.57%
NISHIMATSUYA CHAIN CO., LTD. -0.98% 1517 End-of-day quote.2.43%
RECRUIT HOLDINGS CO., LTD. -0.77% 4533 End-of-day quote.4.91%
SEVEN & I HOLDINGS CO., LTD. 0.86% 3986 End-of-day quote.8.94%
SONY CORPORATION -1.77% 10560 End-of-day quote.2.67%
SUMITOMO MITSUI FINANCIAL GROUP, INC. -0.56% 3524 End-of-day quote.10.54%
SUMITOMO MITSUI TRUST HOLDINGS, INC. -1.48% 3328 End-of-day quote.4.75%
TAKEDA PHARMACEUTICAL COMPANY LIMITED -2.41% 3601 End-of-day quote.-4.10%
WORKMAN CO.,LTD. -1.08% 8280 End-of-day quote.-5.91%
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