Asia equities up on exchange weakness as oil prices recede
by Brian Turner
The Tokyo equities markets were up on Wednesday as investors took note of much lower crude oil prices and the yen’s weakness in relation to the US dollar.
The Nikkei 225 rose 0.6 percent to 11,577.44, its highest level in 11 weeks, while the Topic index was up 0.5 percent to 1,176.48.
Export-dependent stocks were up, as were shares in companies that use a great deal of oil or oil products, while shares in oil companies lost value.
Japan Petroleum Exploration, for example, lost 2.1 percent to ¥4,640 and gas and oil project developer AOC fell 3.7 percent to ¥1,627.
Meanwhile, Toyota gained 0.8 percent to ¥3,920, while Canon was up 0.3 percent to ¥5,890. The internet services sector was mixed as Yahoo Japan gained 3.1 percent to ¥234,000 on strong performances from its US counterpart, but Livedoor lost 1 percent to ¥383 as it backed off from recent advances.
In the banking sector, Mitsubishi Tokyo Financial Group gained 1.4 percent to ¥939,000 and UFJ was up 1.2 percent to ¥576,000 after shareholders approved the merger of the two companies.
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