Nikkei enjoys longest winning streak since 'quake

Author: Katie Holliday
IFAonline | 05 Jul 2011 | 08:50

Categories: Economics / Markets

Topics: FTSE 100| nikkei 225

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Japan's leading share index extended its winning streak to six days overnight, it's longest spell of consecutive positive returns since March's earthquake and tsunami.

The Nikkei 225 had risen 4% rise over the previous five trading days and last night edged up a further 0.1% to 9,972.46.

The biggest winner has been Tokyo Electric, which climbed 5.1% after announcing that its self-contained cooling system is up and running at its crippled nuclear plant.

Traders said the gains in Japan had been driven by optimism that Greece would avoid default.

Japanese companies are also recovering faster than expected, boosting shares.

It was mixed for other Asian markets however, with the Hang Seng Index down slightly by 0.07% to 22,731.50.

In London, the FTSE 100 continued to strengthen, up at 6,017.54 in early trading after gaining 0.46%.

Yesterday the London index pushed past the 6,000 point barrier for the first time in a month, despite Standard & Poor's warning over Greece. The ratings agency had warned that the voluntary rollover proposed by France's government would effectively count as a default if approved.

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