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Stocks Morning UPDATE1
(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Feb. 4 -- (Kyodo) _ (EDS: ADDING DETAILS, PRICES)
Tokyo stocks gained ground Monday morning, with the Nikkei index hitting its highest level since April 2010, as a string of strong U.S. economic data fueled optimism about a global economic recovery.
The 225-issue Nikkei Stock Average rose 54.03 points, or 0.48 percent, from Friday to 11,245.37. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 10.08 points, or 1.07 percent, to 952.73.
Gainers were led by steel, textiles and electric machinery shares while decliners included utilities, pharmaceutical and metal products issues.
Investors were heartened after the U.S. Labor Department sharply revised up nonfarm payrolls data for November and December, from 161,000 to 247,000 and from 155,000 to 196,000, respectively, brokers said.
A better-than-expected outcome for the Institute for Supply Management's manufacturing index, as well as the University of Michigan's consumer sentiment survey, both for January, also underscored a solid U.S. economic recovery, brokers said.
On the back of strong expectations for the U.S. and global economic recovery, "funds have been flowing to riskier assets," Hiroichi Nishi, assistant general manager of equity research at SMBC Nikko Securities Inc., said, adding that the supply-demand condition has been quite good on the Tokyo Stock Exchange.
Large-capital shares including export-linked issues enjoyed strong gains after the U.S. dollar surged to the upper 92 yen level, briefly hitting the highest level since May 2010, brokers said.
Electronics maker Panasonic, the second-most traded share in the morning in terms of value, jumped 100 yen, or 16.89 percent, to 692 yen after the company reported an operating profit of 121.95 billion yen for the April-December period, almost triple the level seen a year before.
Among automakers, Toyota Motor gained 80 yen, or 1.8 percent, to 4,575 yen, Mazda Motor climbed 15 yen, or 5.8 percent, to 272 yen while Nissan Motor advanced 30 yen, or 3.2 percent, to 965 yen, benefitting from a weaker yen.
Market players also took cues from gains Friday on Wall Street, where the Dow Jones Industrial Average climbed above 14,000 for the first time since October 2007, edging closer to the highest level on record, brokers said.
Rising issues outnumbered falling ones 1,029 to 529 on the First Section, while 119 remained unchanged.
(c) 2013 Kyodo News International, Inc.
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