Exporters lead gains in Tokyo shares
By Natalie Jacob-Scharli In Tokyo
Published: March 7 2002 00:36 | Last Updated: March 7 2002 03:40
news.ft.com
Japanese exporters led Tokyo shares higher on Thursday after encouraging economic data from the US indicated recovery could be on the way in one of Japan's largest export markets.
The benchmark Nikkei 225 stock average ended the mid-session up 205.96, or 1.8 per cent, at 11,564.49. The broader Topix index added 14.01, or 1.3 per cent, to 1,087.37.
A rise in factory orders and a key survey of business conditions in the US showed that the world's largest economy was heading towards a recovery. Many Japanese exporters rely heavily on US trade.
Sony, the world's largest audio and video equipment maker, gained 3.5 per cent to Y7,120. A third of Sony's sales are generated in the US. Toyota Motor advanced 1.6 per cent to Y3,820.
Upbeat corporate news from the US buoyed telecommunications stocks. NTT DoCoMo, Japan's leading mobile phone operator, advanced 5 per cent to Y1.67m after Sprint, the US long-distance telephone company, reaffirmed its 2002 financial outlook. Japan Telecom gained 0.5 per cent to Y407,000.
However the Nikkei's iron and steel sub-index fell a further 0.6 percent after the US imposed tariffs of 30 per cent on a range of steel imports in a bid to help its struggling steel industry. Nippon Steel, the world's largest integrated steelmaker, lost 1 per cent to Y194. NKK fell 1.9 per cent to Y103 and Kawasaki Steel dropped 1.4 per cent to Y144. |
