Nikkei touch 21-year high; mining sector jumps

Published: November 06, 2017 12:49:54


File Photo (Reuters)

Japan’s Nikkei share average touched a 21-year high on Monday as strong gains in the mining sector and shares such as clothing company Fast Retailing Co offset banking sector weakness.

The Nikkei was up 0.01 per cent at the end of morning trade at 22,541.55, after rising as high as 22,644.68, its highest intraday level since June 1996.

Japanese markets were closed for a holiday on Friday, reports Reuters.

Last week, the Nikkei rose 2.4 per cent to mark its eighth straight weekly gain. That was its longest winning streak since Prime Minister Shinzo Abe’s Abenomics reforms started in late 2012.

The broader Topix edged down 0.1 per cent to 1,792.42 and the JPX-Nikkei Index 400 was 0.04 per cent lower at 15,897.81.

Mining stocks continued to outperform, with the mining sub-index rising 1.9 per cent. Inpex Corp added 2.1 per cent and Japan Petroleum Exploration Co was 1.9 per cent higher.

The banking sub-index was down 1.5 per cent.

Mizuho Financial Group slipped 1.5 per cent, Mitsubishi UFJ Financial Group skidded 1.8 per cent and Sumitomo Mitsui Financial Group shed 1.2 per cent.

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