Sunday, July 26, 2009

Nikkei Gains For 9th Day, Longest Run In 21 Years

. Sunday, July 26, 2009

By stockOzone team

Japan's Nikkei average rose 1.5 percent on Monday, gaining for a ninth straight day, on growing hopes for better-than-expected Japanese corporate earnings and an economic recovery, with top brokerage Nomura Holdings (8604.T) gaining.

Hitachi Ltd (6501.T) climbed after the Nikkei business daily said the electronics group planned to spend up to 300 billion yen ($3.2 billion) to turn five listed subsidiaries into wholly owned units. Two sources close to the matter later confirmed the report.

The benchmark Nikkei .N225 gained 144.11 points to 10,088.66, its highest close since June 12 and booking its longest run of gains since 1988.

It briefly touched 10,179.59, its highest level in nine months.

The broader Topix rose 0.9 percent to 928.26.

Disclosure: Author does not own any of the stocks discussed here.

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