September 17, 2019 / 2:03 AM / a month ago

Tokyo shares touch 4-mth highs, oil & gas sector up on soaring crude

TOKYO, Sept 17 (Reuters) - Japan’s Nikkei share average edged up to a four-month high on Tuesday, as soaring oil prices triggered by attacks on Saudi oil facilities boosted oil and gas-related companies.

The benchmark Nikkei average added 0.2% to 22,021.86 in mid-morning trade to mark its highest level since May 7, while the broader Topix rose 0.5% to 1,617.80, also its highest in four months.

Oil and gas-related companies led gains, with the mining and oil & coal products becoming subsectors jumping 9.4% and 4.7%, respectively.

On the flip side, expensive oil hit airlines and shippers, which declined 1.6% and 1.5%, respectively.

Oil ended nearly 15% higher on Monday, with Brent logging its biggest jump in over 30 years amid record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom’s production in half and fanned fears of retaliation in the Middle East.

The Nikkei heavyweight SoftBank Group shed 3.4%, after media reports that WeWork owner The We Company took a last-minute decision on Monday to suspend preparations for an initial public offering (IPO), citing sources. SBG is the biggest backer of We Company.

U.S. President Donald Trump said on Monday that the United States has reached initial trade agreements with Japan on tariff barriers and digital trade, supporting sentiment in the Tokyo share market. (Reporting by Tomo Uetake; Editing by Simon Cameron-Moore)

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