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Nikkei edges near 30-year high on recovery hopes, heavy machinery stocks' gains

Published 24/12/2020, 03:44
Updated 24/12/2020, 03:48
© Reuters.

TOKYO, Dec 24 (Reuters) - Japanese shares inched up on
Thursday to come within sight of a near three-decade high, as
vaccine rollouts buoyed hopes of an economic recovery from the
COVID-19 pandemic and heavy machinery stocks gained on a policy
shift to greener energy.
Japan's Nikkei share average .N225 rose 0.53% by midday to
26,665.72, edging closer to Monday's high of 26,905, its highest
level since early 1991. The broader Topix .TOPX gained 0.56%
to 1,775.18.
Rollouts of COVID-19 vaccines are propping up hopes that the
economic recovery can gain momentum next year, despite the
headwinds from a recently-found more infectious strain and a
delay in U.S. pandemic relief package.
Aeon 8267.T rose 3.9% to hit a record high, after the
retailer revised its earnings outlook higher for the year to
February as consumer confidence picked up after a
coronavirus-induced slump. Heavy machinery firms gained after Nikkei newspaper reported
Japan's new zero emission strategy would target a massive
increase in offshore wind power. IHI 7013.T rose 6.3% and Kawasaki Heavy 7012.T gained
4.4%.
The positive mood also saw retail investors flocking to
recently-listed shares, with WealthNavi 7342.T gaining 21%.
On the other hand, Hino Motors 7205.T tumbled 9.0% after
the truck maker said it would suspend production at two
factories in North America until next September due to problems
in U.S. engine certification testing process.
SoftBank Group 9984.T dropped 1.8% after China launched an
investigation into Alibaba Group 9988.HK for suspected
monopolistic behaviour and will summon its Ant Group to meet in
coming days. SoftBank Group is the biggest share holder of the Chinese
e-commerce giant.


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