Nikkei at 21-year high; Honda, Sony up on earnings boost
Reuters|
Updated: Nov 02, 2017, 02.05 PM IST
TOKYO: Japan's Nikkei share average extended its strong rally to top a new 21-year peak on Thursday, ahead of a long weekend, with investors piling into miners and companies such as Honda Motor and Sony on robust earnings prospects.
The Nikkei ended up 0.5 per cent at 22,539.12 after reaching a high of 22,540.25, its best close since late June 1996.
For the week, the index rose 2.4 per cent, its eighth straight weekly gain and longest winning streak since Prime Minister Shinzo Abe's Abenomics reforms started in late 2012. Japanese markets will be closed for a holiday on Friday.
Mining stocks outperformed, with Inpex Corp rising 2.0 per cent and Japan Petroleum Exploration Co adding 0.8 per cent.
Honda Motor Co jumped 5.2 per cent after the automaker raised its forecast for full-year operating profit by 2.8 per cent as it expects to sell more cars and motorcycles this year. It also boosted its second quarter dividend and announced a share buyback plan.
Sony Corp jumped 2.8 per cent, extending its gains from the previous day to hit a nine-year high after it forecast record earnings.
On the other hand, Panasonic Corp, the world's largest automotive lithium-ion battery maker, tumbled 3.3 per cent after Tesla Inc pushed back its target for volume production on its new Model 3 sedan by about three months, saying it was difficult to predict how long it would take to fix all production bottlenecks.
The broader Topix gained 0.4 per cent to 1,794.08.
The Nikkei ended up 0.5 per cent at 22,539.12 after reaching a high of 22,540.25, its best close since late June 1996.
For the week, the index rose 2.4 per cent, its eighth straight weekly gain and longest winning streak since Prime Minister Shinzo Abe's Abenomics reforms started in late 2012. Japanese markets will be closed for a holiday on Friday.
Mining stocks outperformed, with Inpex Corp rising 2.0 per cent and Japan Petroleum Exploration Co adding 0.8 per cent.
Honda Motor Co jumped 5.2 per cent after the automaker raised its forecast for full-year operating profit by 2.8 per cent as it expects to sell more cars and motorcycles this year. It also boosted its second quarter dividend and announced a share buyback plan.
Sony Corp jumped 2.8 per cent, extending its gains from the previous day to hit a nine-year high after it forecast record earnings.
On the other hand, Panasonic Corp, the world's largest automotive lithium-ion battery maker, tumbled 3.3 per cent after Tesla Inc pushed back its target for volume production on its new Model 3 sedan by about three months, saying it was difficult to predict how long it would take to fix all production bottlenecks.
The broader Topix gained 0.4 per cent to 1,794.08.
