The Nikkei stock index ended its first trading of the spring just below 40,000, hitting a new all-time high, stock market data for March 1 showed.
Japan’s benchmark Nikkei 225 index rose 744.63 points, or 1.90%, to a record high of 39,910.82. The broader Topix index rose 33.69 points, or 1.26%, to 2,709.42, its highest level since February 1990.
In the Prime stock section, the stocks that led the growth were those of the mining industry, oil and coal companies, as well as appliance manufacturers.
Growth leaders: Kawasaki Kisen Kaisha (+8.32%), Japan Steel Works (+6.18%) and Renesas Electronics Corp (+5.48%).
Top losers: Sumitomo Dainippon Pharma (-2.69%), LY Corp (-2.64%) and Sapporo Holdings (-2.59%).
Stocks rose in early trading, helped by buying from technology heavyweights that hit a record closing level on Wall Street overnight and rose in the afternoon on renewed confidence in the strength of the U.S. economy.
The Nikkei index hit an all-time high as the yen’s depreciation also boosted export-related stocks, but it stalled just before surpassing 40,000.
“Japanese investors’ risk appetite has improved amid continued hopes for a soft landing in the United States.” after U.S. personal consumption spending in January matched market expectations, said Toshikazu Horiuchi, equity strategist at IwaiCosmo Securities Co.
The market has soared to new heights since February 22 amid continued high expectations for Japanese stocks, but “A correction is likely soon as the current momentum cannot continue indefinitely”Horiuchi added.
Among the most actively traded stocks in Japan, shares of Nippon Telegraph & Telephone Corp (184.18 million) regained its lead, marking its 165th consecutive trading day in this ranking with this success. In second place were the shares of the usual leader: the country’s largest financial group, Mitsubishi UFJ Financial Group (95.14 million). In third position are the securities of Japan’s largest energy company, Tokyo Electric Power Co (TEPCO) (54.66 million), (13d). Shares of e-commerce company Rakuten (38.28 million), (1d) returned to fourth place. Rounding out the top five business leaders were technology company Renesas Electronics Corp (32.77 million), which was among the top three growth leaders today and has not been included among the top performers for the past three years.
The total trading volume of shares of the Japanese market leaders today decreased slightly, amounting to 405.03 million, a figure still higher than the average daily level in February (336.1 million).
Source: Rossa Primavera
I am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.