Nikkei rises to two-week high

Published: June 07, 2018 12:24:26 | Updated: June 09, 2018 11:35:43

File Photo (Collected)

Nikkei share rose to more than two-week highs on Thursday morning to stay above a key technical level as it tracked Wall Street gains overnight,.

The Nikkei gained 0.8 per cent to 22,815.43 in midmorning trade, hitting as high as a two-week high of 22,839.41 earlier, comfortably trading above its 25-day moving average of 22,579.88.

US stocks rallied overnight with help from financial stocks as investors eyed strong economic data while the Nasdaq posted its third straight record closing high.

Meanwhile, analysts said that investors are focused on Friday’s settlement of Nikkei futures and options contracts expiring in June, reports Reuters.

The nonferrous metal sector surged 1.5 per cent and was the second best sectoral board after copper hit a 3-1/2 month high on Wednesday as concerns lingered over possible supply disruptions in Chile.

Sumitomo Metal Mining surged 3.4 per cent, Mitsui Mining & Smelting soared 2.4 per cent.

Copper has risen nearly 4.0 per cent this week after the union at BHP’s, Escondida mine in Chile, the world’s largest, said on Friday it had started the latest round of wage negotiations.

Other winners included tech shares such as high-purity silicon maker Sumco Corp surging 2.6 per cent, and TDK Corp gaining 2.2 per cent.

However, Japan Petroleum Exploration Co declined 1.0 per cent.

The broader Topix advanced 0.6 per cent to 1,788.29.

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