Japan's Nikkei surpasses 29,000-mark on Wall St rally overnight

Recruit Holdings

17/08/2022 04:19

TOKYO, Aug 17 (Reuters) - Japan's Nikkei on Wednesday
crossed the 29,000-level for the first time in more than seven
months as Wall Street's major indexes rallied overnight after
U.S. retailers' robust earnings.
    The Nikkei share average  .N225  rose 0.81% to 29,101.33 by
the midday break, after rising to 29,153.05, its highest level
since Jan. 6.
    The broader Topix  .TOPX  advanced 0.78% to 1,997.35.
    The Dow and S&P 500 rose on Tuesday as
stronger-than-expected results and outlooks from Walmart  WMT.N 
and Home Depot  HD.N  bolstered views on the health of
consumers, while technology shares declined and weighed on the
Nasdaq.  .N 
    "Strong U.S. equities lifted investor sentiment. Investors
responded the upbeat earnings of U.S. retailers," said 
Takatoshi Itoshima, strategist at Pictet Asset Management Japan.
    Uniqlo clothing store owner Fast Retailing  9983.T  jumped
2.39% and was the biggest boost for the Nikkei, followed by a
medical equipment maker Olympus  7733.T , which rose 2.69%, and
staffing agency Recruit Holdings  6098.T  climbing 2.11%.
    Tokyo Electric Power Holdings  9501.T  added 3.86% on
expectations of a restart of nuclear power plants after a report
said the nuclear authority approved the utility to set up
anti-terrorism facilities at one of its nuclear plants a market
participant said.
    In technology heavyweights, chip-making equipment maker
Tokyo Electron  8035.T  fell 0.8% and weighed on the Nikkei the
most. Robot maker Fanuc  6954.T  slipped 0.73%. 
    There were 183 advancers on the Nikkei index against 37
decliners.
    The volume of shares traded on the Tokyo Stock Exchange's
main board was 0.6 billion, compared to the average of 1.16
billion in the past 30 days.

 (Reporting by Junko Fujita, additional reporting by Tokyo
markets team; editing by Uttaresh.V)
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