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Nikkei closes at 2-week high on oil rebound

Tokyo Stock Exchange oil and coal products companies subindex gains 8.4%

Reuters Tokyo

Japanese stocks advanced on Monday as rebounding crude prices underpinned oil-related shares.

The Nikkei benchmark ticked up 0.1% to end the day at 17,635.14, its highest closing level since Dec. 9.

The Tokyo Stock Exchange oil and coal products companies subindex starred, gaining 8.4% as oil staunched its recent losses. US crude added 1.4% to $57.88 a barrel.

Oil refiner Showa Shell Sekiyu soared 27.7% on a media report that it was in talks to be acquired by bigger rival Idemitsu Kosan Co Ltd for as much as 500 billion yen ($4.2 billion).

The broader Topix gained 0.2% to 1,413.05, while the JPX-Nikkei Index 400 ticked up 0.3% to 12,840.74.

($1 = 119.5200 yen)

 

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First Published: Dec 22 2014 | 12:00 PM IST

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