Nikkei ends above 29,000 for first time in seven months on Wall Street rally
Reuters
Published Aug 17, 2022 04:24AM ET
TOKYO (Reuters) - Japan's Nikkei ended above the key psychological level of 29,000 on Wednesday for the first time in more than seven months, after an overnight Wall Street rally in major indexes following robust earnings by U.S. retailers.
The Nikkei share average rose 1.23% to 29,222.77, its highest closing level since Jan. 5. The broader Topix advanced 1.26% to 2,006.99.
"Strong U.S. equities lifted investor sentiment," said Takatoshi Itoshima, a strategist at Pictet Asset Management Japan. "Investors responded to the upbeat earnings of U.S. retailers."
The Dow and S&P 500 had risen on Tuesday as stronger-than-expected results and outlooks from Walmart (NYSE:WMT) and Home Depot (NYSE:HD) bolstered views on the health of consumers, while technology shares declined and weighed on the Nasdaq. [.N]
Uniqlo clothing store owner Fast Retailing was the biggest boost to the Nikkei, rising 2.8%, followed by air-conditioner maker Daikin Industries, up 2.02% and telephone company KDDI (OTC:KDDIF), gaining 1.43%.
Tokyo Electric Power Holdings added 3.66% on expectations of a restart of nuclear power plants after a report that the nuclear authority approved establishment of anti-terrorism facilities at a nuclear plant, a market participant said.
Among technology heavyweights, cybersecurity platform provider Trend Micro (OTC:TMICY) lost 2.08% and weighed on the Nikkei the most. Robot maker Fanuc (OTC:FANUY) slipped 0.89%.
There were 207 advancers on the Nikkei index against 17 decliners. The volume of shares traded on the Tokyo Stock Exchange's main board was 1.18 billion, compared to the last 30-day average of 1.16 billion.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.