Japan Nikkei finishes at a 30-year high

Japan share market finished session at a 30-year high on Tuesday, 29 December 2020, as investors continued to pick up shares on positive global cues. Encouraging news on U.S. stimulus front and the latest update on post-Brexit trade deal between European Union and the U.K. helped keep sentiment upbeat.

At closing bell, the 225-issue Nikkei Stock Average advanced 714.12 points, or 2.66%, to 27,568.15, the first time it has traded above 27,000 since April 1991. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 31.14 points, or 1.74%, to 1,819.18.

US President Donald Trump signed a $900 billion economic aid package on Monday, helping to staunch uncertainty as governments reimpose pandemic-fighting travel and business curbs that threaten to weigh on global economic activity. The package also includes $1.4 trillion to fund government agencies, averting a federal government shutdown that otherwise would have started Tuesday.

Shares of transportation, paper & pulp, real estate, electric machinery, shipbuilding and precision instruments companies were in demand. Among heavyweight stocks, Softbank, Fast Retailing, Tokyo Electron, Sony, Canon and Panasonic posted impressive gains.

Shares of Sumitomo Dainippon Pharma ended with a hefty gain after Myovant Sciences and Pfizer said on Monday that they have formed a collaboration to develop and commercialize relugolix in oncology and women's health in the U.S. and Canada. Sumitomo Dainippon Pharma's wholly-owned subsidiary is the majority shareholder of Myovant Sciences.

CURRENCY NEWS: The Japanese yen traded at 103.65 per dollar after weakening yesterday from around the 103.4 level against the greenback.

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