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MarketScreener Homepage  >  Indexes  >  Nikkei 225    N225   JP9010C00002

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Nikkei hits near 29-1/2-year peak as tech shares track Wall Street peers higher

11/11/2020 | 10:06pm EST

TOKYO, Nov 12 (Reuters) - Japan's Nikkei share average hit a near 29-1/2-year high on Thursday, as tech shares gained after their U.S. peers drove the Nasdaq higher overnight, while some profit-booking after a rally on COVID-19 vaccine related developments capped gains.

The benchmark Nikkei share average rose 0.43% to 25,459.13 by the midday break, after hitting its highest level since June 5, 1991 earlier in the session.

The broader Topix, however, lost 0.25% to 1,724.77, with only seven of the 33 sector sub-indexes on the Tokyo exchange traded higher.

Overnight, the tech-heavy Nasdaq ended 2% higher on Wednesday, after "stay-at-home" stocks bounced back from two straight sessions of sharp losses as investors moved away from economically sensitive sectors back to tech.

Japan's tech-related shares such as Nikkei's heavyweight SoftBank Group benefitted from gains in their U.S. counterparts, climbing around 1.5%.

IT equipment and service firms Fujitsu and NEC Corp rose around 1.6% and 0.5%, respectively.

Among gainers of the top 30 core Topix names, Nintendo jumped 3.62% and is poised to snap four consecutive sessions of losses.

Vaccine rally continued to lift risk sentiment, but some investors took to profit-booking as they turned cautious after near three-decade highs touched this week, market participants said.

Elsewhere, Isetan Mitsukoshi Holdings fell 5.79% after it reported its half-year net loss of 36.79 billion yen ($349.48 million).

Some of its department store peers followed suit, with Takashimaya dropping 5.17%, while J.Front Retailing lost 4.12%. ($1 = 105.2700 yen)

(Reporting by Eimi Yamamitsu and Tokyo markets team; Editing by Rashmi Aich)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FUJITSU LIMITED -0.47% 15945 End-of-day quote.6.98%
ISETAN MITSUKOSHI HOLDINGS LTD. 3.17% 651 End-of-day quote.6.72%
J. FRONT RETAILING CO., LTD. 5.08% 890 End-of-day quote.9.20%
NASDAQ COMP. -0.87% 12998.502287 Delayed Quote.0.86%
NEC CORPORATION -0.69% 5760 End-of-day quote.3.97%
NIKKEI 225 -0.62% 28519.18 Real-time Quote.3.92%
NINTENDO CO., LTD. -0.18% 65690 End-of-day quote.-0.21%
TAKASHIMAYA COMPANY, LIMITED 4.74% 950 End-of-day quote.7.34%
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