CORRECTED-Nikkei jumps to 29-year high, Honda leads carmakers on upbeat earnings

(Corrects Topix close in fourth paragraph to 1,681.90, not
1,6781.90)
By Hideyuki Sano
TOKYO, Nov 9 (Reuters) - Japan's Nikkei share average on
Monday reached a high last seen almost three decades ago, after
Joe Biden clinched the U.S. presidency, with Honda Motors
7267.T leading gains among carmakers on strong earnings
figures.
Investors, who had held off purchases last week due to U.S.
political uncertainty, rushed to buy as they focused on Biden's
ability to expand fiscal stimulus and measures to reduce the
spread of COVID-19. The Nikkei .N225 rose 2.12% to 24,839.84, its highest
close since November 1991, adding 8.1% in the last five sessions
of gains.
The broader Topix .TOPX rose 1.41% to 1,681.90, a level
last seen in late February.
Honda Motor 7267.T gained 9.4% after the carmaker posted
strong quarterly earnings and raised its earnings outlook.
Toyota Motor Corp 7203.T , which announced its earnings on
Friday, extended gains by 2.2%, though Mazda Motor 7261.T
bucked the trend by falling 2.9% after announcing disappointing
earnings results. The transport equipment maker index .ITEQP.T gained 2.4%.
"Corporate earnings are recovering more than expected. It
also means a lot for the Japanese market that car makers are
showing a strong recovery," said Takuya Hozumi, a global
investment strategist at Mitsubishi UFJ Morgan Stanley
Securities.
"In addition, Eastern Asian shares, including Japan, were
helped by the relatively contained level of coronavirus
infections."
Sushiro Global 3563.T jumped 15.2% after the sushi
restaurant chain operator reported a better-than-expected profit
for the July-September quarter, recovering from a slump
triggered by the epidemic in the preceding quarter.
Renewable energy-related firms also soared following Biden's
victory. Renova 9517.T gained 6.4%, West Holdings 1407.T
added 3.4% and Erex 9517.T rose 13.2%.
On the other hand, Japan Airlines 9201.T fell 11% after
the company unveiled its plans to sell new shares to raise about
$1.6 billion. Rival ANA 9202.T also felt the heat and dropped
1.9%.
Eisai 4523.T dived 23.6% after a panel to the U.S. health
regulator voted that a potential Alzheimer's treatment from the
firm and Biogen Inc BIIB.O has not been proven to slow
progression of the disease. (Editing by Sherry Jacob-Phillips and Subhranshu Sahu)