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Nikkei up on large-cap rally, N. Korea tensions lift defence-related stocks
November 21, 2017 / 2:23 AM / a month ago

Nikkei up on large-cap rally, N. Korea tensions lift defence-related stocks

TOKYO, Nov 21 (Reuters) - Japan’s Nikkei share average rose on Tuesday morning after large cap stocks such as automakers and manufacturers of factory automation equipment rallied, with North Korea tensions supporting defence-related shares.

The Nikkei gained 1.1 percent to 22,500.20 in midmorning trade, while the broader Topix added 0.9 percent to 1,774.80, with 32 of 33 of its subsectors rising.

Automakers gained, with Toyota Motor Corp rising 1.8 percent and Subaru Corp adding 2.1 percent.

Factory automation stocks also attracted buyers, with Fanuc Corp rising 1.6 percent and Keyence Corp gaining 1.4 percent.

Banks were also strong, with Mitsubishi UFJ Financial Group adding 1.2 percent and Mizuho Financial Group advancing 1.4 percent.

Retail investors speculated that demand for defence-related equipment will increase after U.S. President Donald Trump put North Korea back on a list of state sponsors of terrorism on Monday, lifting stocks such as Ishikawa Seisakusho and Howa Machinery 7.2 percent and 10 percent, respectively. (Reporting by Ayai Tomisawa; Editing by Eric Meijer)

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