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Tokyo shares touch 4-mth highs, oil & gas sector up on soaring crude

Published 09/17/2019, 10:00 AM
Updated 09/17/2019, 10:10 AM
Tokyo shares touch 4-mth highs, oil & gas sector up on soaring crude
JP225
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TOPX
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9984
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IAIRL.T
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IMING.T
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IPETE.T
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ISHIP.T
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TOKYO, Sept 17 (Reuters) - Japan's Nikkei share average
edged up to a four-month high on Tuesday, as soaring oil prices
triggered by attacks on Saudi oil facilities boosted oil and
gas-related companies.
The benchmark Nikkei average .N225 added 0.2% to 22,021.86
in mid-morning trade to mark its highest level since May 7,
while the broader Topix .TOPX rose 0.5% to 1,617.80, also its
highest in four months.
Oil and gas-related companies led gains, with the mining
.IMING.T and oil & coal products .IPETE.T becoming
subsectors jumping 9.4% and 4.7%, respectively.
On the flip side, expensive oil hit airlines .IAIRL.T and
shippers .ISHIP.T , which declined 1.6% and 1.5%, respectively.
Oil ended nearly 15% higher on Monday, with Brent logging
its biggest jump in over 30 years amid record trading volumes,
after an attack on Saudi Arabian crude facilities cut the
kingdom's production in half and fanned fears of retaliation in
the Middle East. The Nikkei heavyweight SoftBank Group 9984.T shed 3.4%,
after media reports that WeWork owner The We Company took a
last-minute decision on Monday to suspend preparations for an
initial public offering (IPO), citing sources. SBG
is the biggest backer of We Company.
U.S. President Donald Trump said on Monday that the United
States has reached initial trade agreements with Japan on tariff
barriers and digital trade, supporting sentiment in the Tokyo
share market.

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