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Nikkei hits six-week high, blue-chips gain

Tue Feb 26, 2008 9:18pm EST

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(Updates to midsession)

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TOKYO, Feb 27 (Reuters) - Japan's benchmark Nikkei touched a fresh six-week high on Wednesday, boosted by buying of blue-chip shares such as Honda Motor Corp (7267.T) after the announcement of an IBM (IBM.N) share buyback lifted Wall Street. Mizuho Financial Group (8411.T) and other financials rose as well, bolstered by growing relief that U.S. bond insurers appeared to be stabilising, while record-high oil prices lifted oil distributors and similar shares.

The Nikkei .N225 rose 1.4 percent in the morning session to 14,016.44. Earlier it touched 14,078.51, its highest since Jan. 15, before profit-taking kicked in. The broader TOPIX rose 1.3 percent to 1,364.26. (Reporting by Elaine Lies, Editing by Rodney Joyce)

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