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Nikkei jumps to 21-yr high on earnings boost from Sony, other exporters
November 1, 2017 / 2:17 AM / 18 days ago

Nikkei jumps to 21-yr high on earnings boost from Sony, other exporters

TOKYO, Nov 1 (Reuters) - Japanese stocks scaled a fresh 21-year high on Wednesday morning, cheered by booming profits for Japan Inc. including exporters such as Sony and Nitto Denko.

The Nikkei jumped 1.2 percent to 22,295.86 in midmorning trade after reaching 22,301.42, the highest level since July 1996.

Sony Corp soared as much as 11.6 percent to a nine-year high after the Japanese electronics and entertainment firm forecast its best ever annual profit.

Sony, which was the most traded stock by turnover, raised its full-year operating profit forecast by 26 percent to 630 billion yen ($5.5 billion), citing strong sales of image sensors as well as high-end television sets.

Industrial tape maker Nitto Denko rallied 5.7 percent to a record high after it raised its annual net profit forecast to 98 billion yen ($861.31 mln) from 70 billion yen, thanks in part to strong sales for optical films used smartphone displays.

Tokyo Electron jumped 9.4 percent to a record high after the semiconductor manufacturing equipment maker raised its net profit forecast for the year through March 2018 to 198 billion yen ($1.74 billion) from 163 billion yen.

These three stocks contributed a hefty total of 110 points to the Nikkei benchmark index.

The broader Topix gained 0.9 percent to 1,782.01, with all of its 33 subsectors in positive territory. (Reporting by Ayai Tomisawa; Editing by Shri Navaratnam)

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