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Nikkei ends at fresh 29-year peak as vaccine hopes continue to rise

Stock MarketsNov 11, 2020 08:12
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© Reuters.

TOKYO, Nov 11 (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 .TOPX 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 PFE.N 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 9202.T and Japan Airlines
9201.T , 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 2432.T 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 7186.T jumped more than 4.7%,
followed by Shimane Bank 7150.T and Chiba Bank 8331.T rising
5.61% and 3.57%, respectively.
Kansai Mirai Financial Group 7321.T jumped 13.4% after
Resona Holdings 8308.T 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%. = 105.2700 yen)


Nikkei ends at fresh 29-year peak as vaccine hopes continue to rise
 

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