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Nikkei rises for 3rd day; Sharp soars
December 1, 2017 / 6:43 AM / 10 days ago

Nikkei rises for 3rd day; Sharp soars

TOKYO, Dec 1 (Reuters) - Japan’s Nikkei share average rose for a third straight day on Friday, led by oil, steel and machinery stocks, while Sharp Corp soared after it announced a return to the bourse’s main board.

The Nikkei ended 0.4 percent higher at 22,819.03 points, rising for three straight days. For the week, the index gained 1.2 percent.

The benchmark index dipped briefly earlier when sentiment was hit by news that the U.S. Senate had delayed voting on a Republican tax overhaul, and the news hurt sentiment during Asian trade.

Oil and steel stocks outperformed, with Showa Shell Sekiyu rising 2.0 percent and Nippon Steel & Sumitomo Metal Corp soaring 2.5 percent.

Machinery stocks also rallied. Minebea Mitsumi jumped 4.7 percent, while THK Co surged 3.4 percent.

Sharp Corp soared 7.9 percent after the company said that it will return to the Tokyo Stock Exchange first section on Dec. 7.

The company was demoted to the second section on Aug. 1, 2016 after booking negative net assets after it was hit by falling sales of smartphone panels and restructuring costs.

The broader Topix advanced 0.3 percent to 1,796.53. (Reporting by Ayai Tomisawa; Editing by Kim Coghill)

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