Japan's Nikkei up nearly 3 pct as metals shineThu Feb 21, 2008 2:02am ESTMarket participants said it was likely the futures buying had come from foreign investors, citing finance ministry data released early Thursday showing that foreign investors -- seen as crucial to any sustained Japanese share recovery -- were net buyers of Japanese stocks last week. "Foreigners had been net sellers for six weeks, so this is being taken as a very positive thing," Hirakawa said. The benchmark Nikkei .N225 rose 2.8 percent to 13,688.28, while the broader TOPIX was up 2.5 percent at 1,334.72 after also rising above 3 percent. RED HOT METALS Sumitomo Metal Mining soared 15.3 percent to 2,175 yen, its greatest one-day percentage gain since December 1997, helped by the recent surge in metals prices and UBS's lifting its rating on the miner to "buy" from "neutral", citing growth in core segments such as copper, nickel and gold. Other non-ferrous metal shares rose. Zinc smelter Toho Zinc Co Ltd (5707.T: Quote, Profile, Research) climbed 15 percent to 561 yen and ferronickel maker Pacific Metals Co Ltd (5541.T: Quote, Profile, Research) rose 10.3 percent to 1,068 yen. Non-ferrous metal smelter Mitsubishi Materials Corp (5711.T: Quote, Profile, Research) rose 5.1 percent to 498 yen. The non-ferrous metals subindex climbed 6.6 percent, making it the greatest gainer among the subindices. It was followed by oil and coal with a rise of 4.2 percent. Trading houses were also gainers, with Marubeni Corp (8002.T: Quote, Profile, Research) up 3.8 percent at 811 yen and Itochu Corp (8001.T: Quote, Profile, Research) up 2.5 percent at 1,170 yen -- both of these slightly off earlier highs. Though shares climbed virtually across the board -- a mere 6 percent of issues were decliners -- another pair of standouts were regional banks Bank of Ikeda Ltd (8375.T: Quote, Profile, Research) and Senshu Bank Ltd (8372.OS: Quote, Profile, Research), both of which climbed after saying on Thursday that they may merge. Quelle: reuters.com Globale Indices, Rohstoffe, Devisen & Stocks RT
|