Tokyo: Nikkei extends gains to sixth session as energy, financial stocks rise

[TOKYO] Japan's Nikkei stock index rose for a sixth straight session on Tuesday (Mar 22), posting its best winning run since September, as stronger oil prices lifted energy shares and financials gained on higher global bond yields.

The Nikkei closed 1.48 per cent higher at 27,224.11, after touching its highest since Feb 17. Earlier in the month, it had dipped to a 16-month low of 24,681.74.

Oil explorers led the advance with an 8.21 per cent jump, followed by the insurance sector, which climbed 4.74 per cent on gains in US Treasury yields. The banking sector rose 3.33 per cent.

Oil and gas company Inpex was the Nikkei's biggest percentage gainer, soaring 8.63 per cent.

Mitsubishi, which is engaged in energy among its many businesses, was next with a 6.89 per cent rally, followed by peer Mitsui & Co, rising 6.32 per cent.

The broader Topix gained 1.28 per cent to 1,933.74, and marked a sixth straight winning session.

"There's momentum building as investors continue to buy back stocks, but there's also a sense of caution starting to emerge about the speed of the rally," said a trader at a domestic securities firm.

"In times like these especially, you need to keep your eyes out for news on Ukraine and other sources of major uncertainty."

Chip making equipment maker Tokyo Electron was the Nikkei's biggest support in terms of index points, with a 1.92 per cent advance. Phone company KDDI rose 2.54 per cent.

Soy sauce maker Kikkoman was the biggest loser on the day, sliding 6.72 per cent. Nisshin Group, a maker of cup noodles, fell 1.81 per cent. REUTERS