Nikkei heads for biggest monthly gain in decades

TOKYO, Nov 30 (Reuters) - Japan's benchmark Nikkei steadied
on Monday, on course for its biggest monthly gain in decades, as
optimism over progress in COVID-19 vaccine development and
fading uncertainty surrounding the U.S. election boosted
investor appetite in risk assets.
The Nikkei share average .N225 was nearly flat at
26,666.91 points by the midday break. The index was poised to
add nearly 16% in November, its biggest monthly gain since Jan
1994.
The broader Topix .TOPX was also poised to mark its best
month since April 2013, despite losing 0.46% to 1,778.37 earlier
in the session.
Global markets were dominated by a surge in risk appetite
this month on Joe Biden's U.S. presidential win and on promising
news surrounding vaccine efficacy rates.
Japanese equities continued on a strong note on Monday after
Wall Street ended higher last week, but later pared gains on
selling pressure due to profit-booking and month-end
adjustments.
The dollar fell 0.25% to 103.87 against the Japanese yen
JPY=EBS in the morning trade, also providing headwind for
export-oriented stocks, analysts said.
All but eight of the 33 sector sub-indexes on the Tokyo
exchange traded lower, with oil and coal products .IPETE.T and
miners .IMING.T leading the declines.
The aviation .IAIRL.T and land transport .IRAIL.T
sectors took a hit, down 2.48% and 1.19% respectively, due to
the rising number of domestic coronavirus cases.
ANA Holdings 9202.T fell as much as 1.4% in early trade
before trading 0.49% higher as the airline said on Friday it
would issue new shares to raise $3.2 billion. Among individual gainers, Nikkei heavyweight SoftBank Group
Corp 9984.T rose more than 1.7%, supported by risk sentiment,
to hit its highest level since April 2000.
NEC Corp 6701.T edged 0.71% higher after the Nikkei daily
reported that the company was to promote Chief Financial Officer
Takayuki Morita to the position of its chief executive officer.
Elsewhere, the Mothers Index .MTHR of start-up firms added
0.71%.