|Published : 01 Dec 2016, 12:09:49|
Nikkei shares rise to 11-month highs
Japan's Nikkei rose to 11-month highs on Thursday, while many energy shares made strong gains after the OPEC meeting.
The Organisation of the Petroleum Exporting Countries (OPEC) agreed to cut production from next month by over 3.0 per cent to reduce a supply glut that has kept oil prices subdued.
As oil prices raced higher on the news drawing investors to the dollar, which struck a 9 1/2-month high above 114 yen.
The Nikkei was up 2.3 per cent at the end of morning trading at 18,722.38, while the broader Topix added 1.9 per cent to 1,496.80.
The JPX-Nikkei Index 400 gained 1.9 per cent to 13,435.89.
Oil-exploration stocks outperformed, with the Tokyo Stock Exchange mining sector subindex surging 10.3 per cent.
Inpex Corp rose 11 per cent, while Japan Petroleum Exploration Co jumped 13 per cent.
Engineering company JGC Corp rose 8.9 per cent. Daido Steel Co Ltd rose 4.1 per cent, according to a news agency report.