TOKYO: Japan’s Nikkei share average surged more than 2 per cent on Friday, helped by further gains on Wall Street after strong US economic data buoyed sentiment that had been shaken by fears of a China-led global economic slowdown.
The Nikkei was up 2.3 per cent at 19,005.83 points by midmorning after climbing as high as 19,047.68, rising above its 200-day moving average for the first time in five days. The Nikkei’s 200-day moving average stood at 19,031 as of Thursday market close.
Commodity-related stocks led the rally after oil prices rocketed overnight and other commodity prices soared, with trading houses Mitsubishi Corp soaring 7.2 per cent and Mitsui & Co jumping 6.2 per cent.
Toho Zinc jumped 9.2 per cent and Sumitomo Metal Mining surged 8.2 per cent after prices of copper and zinc scored the biggest one-day gains in over two years.
Data on Thursday showed that the US economy grew 3.7 per cent in the second quarter – much faster than the previous estimate of 2.3 per cent.
