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Tokyo shares touch 4-mth highs, oil & gas sector up on soaring crude

Published 17/09/2019, 03:00
© Reuters.  Tokyo shares touch 4-mth highs, oil & gas sector up on soaring crude
JP225
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TOPX
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9984
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IAIRL.T
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IMING.T
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TOKYO, Sept 17 (Reuters) - Japan's Nikkei share average

edged up to a four-month high on Tuesday, as soaring oil prices

triggered by attacks on Saudi oil facilities boosted oil and

gas-related companies.

The benchmark Nikkei average .N225 added 0.2% to 22,021.86

in mid-morning trade to mark its highest level since May 7,

while the broader Topix .TOPX rose 0.5% to 1,617.80, also its

highest in four months.

Oil and gas-related companies led gains, with the mining

.IMING.T and oil & coal products .IPETE.T becoming

subsectors jumping 9.4% and 4.7%, respectively.

On the flip side, expensive oil hit airlines .IAIRL.T and

shippers .ISHIP.T , which declined 1.6% and 1.5%, respectively.

Oil ended nearly 15% higher on Monday, with Brent logging

its biggest jump in over 30 years amid record trading volumes,

after an attack on Saudi Arabian crude facilities cut the

kingdom's production in half and fanned fears of retaliation in

the Middle East. The Nikkei heavyweight SoftBank Group 9984.T shed 3.4%,

after media reports that WeWork owner The We Company took a

last-minute decision on Monday to suspend preparations for an

initial public offering (IPO), citing sources. SBG

is the biggest backer of We Company.

U.S. President Donald Trump said on Monday that the United

States has reached initial trade agreements with Japan on tariff

barriers and digital trade, supporting sentiment in the Tokyo

share market.

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