Tokyo Shares Up As Energy Firms Surge On Oil Deal
Fahad Shabbir (@FahadShabbir) Published September 29, 2016 | 11:55 AM
TOKYO, (APP - UrduPoint / Pakistan Point News - 29th Sep, 2016 ) - Energy firms soared in Tokyo Thursday, leading a Japanese stock market rally as oil prices were boosted by a surprise OPEC deal to cut crude production.
The Organization of the Petroleum Exporting Countries, meeting in Algiers, said it had reached an agreement to reduce oil output by 750,000 barrels a day, sending the commodity surging more than five percent.
Japan Petroleum Exploration rocketed 8.83 percent to 2,278 Yen on the news and energy explorer Inpex piled on 5.69 percent to 906.1 yen, while JX Holdings jumped 2.97 percent to 404.8 yen. "OPEC's decision to curtail production wasn't expected," said Nobuyuki Fujimoto, a senior market analyst at SBI Securities.
"And now crude prices will likely head toward a range of $50 to $60 per barrel from $40 to $50 per barrel, which will ease global deflationary concerns," he told Bloomberg News. Tokyo's benchmark Nikkei 225 index climbed 1.39 percent, or 228.31 points, to 16,693.71, while the broader Topix index rose 0.94 percent, or 12.48 points, to 1,343.25.
Among other firms Takata advanced 2.56 percent to 360 yen after the Wall Street Journal reported the troubled airbag supplier is in talks with US authorities to resolve allegations of criminal wrongdoing over faulty devices. The stock surged nearly 12 percent in the morning before paring those gains.
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