Reply #36: Nikkei tops 16,000 on property, oil stocks [View All]

[Ghost Dog]

http://yahoo.reuters.com/news/articlehybrid.aspx?type=comktNews&storyID=urn:newsml:reuters.com:20060928:MTFH62384_2006-09-28_07-51-32_T206625&pageNumber=0&imageid=&cap=&sz=13&WTModLoc=HybArt-C1-ArticlePage3

TOKYO, Sept 28 (Reuters) - The Nikkei average closed above 16,000 for the first time in almost three weeks on Thursday, rising 0.48 percent as property firms continued to recover from a recent slide, while INPEX Holdings Inc. (1605.T: Quote, NEWS, Research) and other energy firms gained after a jump in crude oil prices.

Shares of consumer lenders such as Acom Co. Ltd. (8572.T: Quote, NEWS, Research) rose after Japan's newly appointed financial services minister made comments suggesting he may be opposed to tighter regulation of the industry.

"Shares of real estate firms, banks and trading companies -- stocks that are sensitive to economic cycles -- have rebounded ... as investors have become more positive about the outlook for the U.S. economy," said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Securities.

An unexpected rise in U.S. August new homes sales data out on Wednesday renewed optimism about consumer spending in the world's largest economy, a key market for Japanese goods.

The Nikkei <.N225> finished 76.98 points higher at 16,024.85, the average's first close above 16,000 since Sept. 8.

The broader TOPIX index <.TOPX> gained 0.72 percent to 1,602.57.

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