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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. -1.38% 2209.5 End-of-day quote.-2.96%
CONCORDIA FINANCIAL GROUP, LTD. -0.26% 387 End-of-day quote.6.61%
DENA CO., LTD. 2.44% 1934 End-of-day quote.5.17%
JAPAN AIRLINES CO., LTD. -0.37% 1894 End-of-day quote.-5.06%
KANSAI MIRAI FINANCIAL GROUP, INC. -1.14% 520 End-of-day quote.4.21%
MIRAI CORPORATION 0.75% 40050 End-of-day quote.4.16%
NIKKEI 225 -0.44% 28631.45 Real-time Quote.4.33%
PFIZER INC. 0.19% 36.55 Delayed Quote.-0.71%
RESONA HOLDINGS, INC. -0.40% 374.6 End-of-day quote.3.94%
THE CHIBA BANK, LTD. -1.70% 578 End-of-day quote.1.76%
THE SHIMANE BANK, LTD. -0.60% 667 End-of-day quote.8.63%
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