Nikkei rises to one-month high driven by Wall Steel strength

  • 12/28/2021
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TOKYO, Dec 28 (Reuters) - Japan"s Nikkei rose to a one-month high on Tuesday, led by technology heavyweights, after strong retail sales data helped Wall Street close higher overnight. Also boosting risk sentiment, data showed a surge in Japan"s factory output in November as production in the auto sector benefited from a recovery in global parts supplies. read more The Nikkei share average (.N225) rose 1.37% to close at 29,069.16, its highest since Nov. 25. The broader Topix (.TOPX) advanced 1.37% to 2,005.02. The S&P 500 index (.SPX) ended at a record high in its fourth straight session of gains, as an ecommerce-powered boom in retail sales underscored economic strength and eased worries from Omicron-driven flight cancellations that hit travel stocks. "Sentiment is strong with gains in U.S. equities last night. The Japanese market will keep the momentum if the U.S. market remains strong," said Takatoshi Itoshima, a strategist at Pictet Asset Management. "But most participants are short-term investors, with many long-term investors away for the holiday season, such investors may sell shares to gain profits if the market keeps rising." Technology stocks led gains, with chip-making equipment maker Tokyo Electron (8035.T) rising 1.81%, air-conditioner maker Daikin Industries (6367.T) climbing 2.7% and robot maker Fanuc (6954.T) gaining 2.47%. Game maker Sony Group (6758.T) led the Topix gains with a 2.3% jump. Precision makers (.IPRCS.T) gained the most among the 33 industry sub-indexes on the bourse, with optical glass maker Hoya rising 1.75% and medical equipment and camera maker Olympus (7733.T) jumping 4.32%. Kewpie (2809.T) advanced 2.62% after the mayonnaise maker raised its forecast for annual profit and dividend. Casual clothing retailer Shimamura (8227.T) rose 4.05% after posting a 25% jump in its nine-month net profit.

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