Nikkei has closed at an all time high for over 31 years

Japan’s Nikkei Index closed at a high of over 31 years on Tuesday, led by cyclical stocks following Wall Street’s gains as progress in an internal vaccination campaign have fueled hopes for the economy to reopen.

The Nikkei Index rose 0.73% to close at 30,670.10 points, the highest level since August 1990. The broader Topix index jumped 1.01% to 2118.87 points.

The S&P 500 rose overnight, ending a five-day losing streak.

Earnings from 33 sub-indices on the Tokyo Stock Exchange led the insurance sector, which grew 3.67%, followed by the maritime sector, which gained 2.14%.

Refineries gained 2.05%, while oil rose to a 6-week high.

The shares of the two tech giants, SoftBank Group and Advantest, lost 0.49% and 0.18%, respectively, after the Nasdaq index fell yesterday.

Tokyo Marine Holdings was up 6.2% and was the top performer on the Nikkei index, followed by Showa Denko, which jumped 6.19%, and Z Holdings stock was up 5.24%. .

Konami Holdings shares fell 2.79% and was the worst performance versus the Nikkei, followed by Pacific Metals, which lost 2.72%, and Tokyo Electric Power Company Holdings, which fell 2.27%.

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