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Japan’s Nikkei ends at 6-week high as growth stocks jump

Japan’s Nikkei ends at 6-week high as growth stocks jump

Author of the article:

Reuters

TOKYO — Japan’s Nikkei index closed at a more than six-week high on Friday, led by growth stocks which tracked Wall Street’s overnight gains and shipping firms which rose on their robust earnings.

The Nikkei share average gained 0.4% to 27,914.66, its highest close since June 9.

The index jumped 4.2% this week to mark its biggest weekly gain since March 25. It also rose for a seventh straight session, the longest winning streak since the end of March.

The broader Topix edged up 0.28% to 1,955.97 and posted a 3.35% weekly gain.

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U.S. stocks rose on Thursday, boosted by a late-afternoon rally and gains in heavyweight growth stocks, including Tesla .

Chip-making equipment maker Tokyo Electron rose 1.34% and was the biggest boost for the Nikkei. Staffing agency Recruit Holdings rose 3.45% and air-conditioning maker Daikin Industries 1.21%.

The shipping sector jumped 4.75% after three major firms raised their annual profit forecasts.

Kawasaki Kisen surged 11.31%, Nippon Yusen jumped 4.02%, and Mitsui OSK Lines advanced 2.93%.

Utility shares weakened, with Tokyo Electric Power Company Holdings Inc falling 8.3% and Chubu Electric Power slipping 2.75%.

There were 122 advancers on the Nikkei index against 93 decliners.

The volume of shares traded on the Tokyo Stock Exchange’s main board was 1.03 billion, compared to the average of 1.24 billion in the past 30 days. (Reporting by Junko Fujita; Editing by Subhranshu Sahu and Uttaresh.V)

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