Hospitality sector boosts Tokyo stocks, stay-at-home winners lose footing

* Nikkei hits fresh 29-year high, value shares jump
* Vaccine news raises hope of broad earnings recovery
* Airlines, train companies jump, OLC hits record high
* Internet companies, high-flying Mothers index dive
* Turnover hits 4 trln yen, highest in 5 months

By Hideyuki Sano
TOKYO, Nov 10 (Reuters) - Japan's Nikkei share average hit
its best level in nearly three decades on Tuesday as
pandemic-battered shares of airlines, railway operators and
department stores jumped on news of progress in the development
of a COVID-19 vaccine.
Investors switched to beaten-down value shares while dumping
those which benefited from the stay-at-home trend during the
pandemic, such as internet service firms and game companies.
"With increasing clarity, people are getting more
optimistic," said Masa Takeda, portfolio manager at SPARX,
subadvisor to the Hennessy Japan Fund.
"What I'm hoping to see is the economy starting to open up
again around the world. I think corporate earnings should start
to gain some footing to catch up to market levels."
The Nikkei rose 0.26% to close at 24,905.59 points .N225
after hitting its highest level since June 1991 during the
session. The broader Topix .TOPX gained 1.12% to 1,700.80.
Turnover jumped to 4.075 trillion yen, the biggest in five
months.
Airliner ANA Holdings 9202.T jumped 18.1%, while the
country's three big railway operators — East Japan Railway
9020.T , West Japan Railway 9021.T and Central Japan Railway
9022.T — all vaulted about 15%.
Department store chain J.Front Retailing 3086.T gained
15.6%, while rival Isetan Mitsukoshi 3099.T soared 13.0%.
Tokyo Disney Resort operator OLC 4661.T rose 6%, hitting a
record high.
Drugmaker Pfizer PFE.N and German partner BioNTech SE
22UAy.F said their experimental COVID-19 vaccine was more than
90% effective based on initial trial results.
Topix Value index .TOPXV rose 3.2% as financials
.IINSU.T .IBNKS.T benefited from a surge in U.S. bond yields
while other "old economy" shares, such as steelmakers .Istle ,
gained on hopes of a broader economic recovery.
Internet service firms and game companies, with their
valuation stretched after concentration of investors' funds,
fell out of favour.
Bandai Namco Holding 7832.T lost 8.1%, while Nintendo
7974.T shed 4.5%. Internet firm Z Holdings 4689.T tumbled
7.6% while medical service platform operator M3 2413.T , one of
the market's best performers this year, dropped 7.3%.
Mothers start-up shares .MTHR , another high-flyer this
year, fell 6.4%, its biggest fall in eight months.