Market Updates
Nikkei Soars on $15 B Deal
Elena
17 Mar, 2006
New York City
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Asian-Pacific benchmarks finished broadly higher. The Nikkei rebounded from Thursday sharp decline, supported by strong bank and brokerage stocks. The index surged 1.5% after Softbank announced a $15.6 billion bid for the Japanese assets of Vodafone. China Mobile led Hong Kong higher, South Korean Kospi reversed from losses to gain 0.5%, while Shanghai Composite declined 0.4%.
8:00AM Asian markets closed mostly higher. The Nikkei surged 1.5%.
Asian-Pacific benchmarks finished mostly in the positive. The Nikkei recovered from yesterday’s deep plunge, helped by brokerages and banks to lead gainers with an advance of 1.5% to 16339.73. The Japanese index surged after Softbank announced a $15.6 billion bid for the Japanese assets of Vodafone Group. Telecom and construction stocks also provided support. Hong Kong’s Hang Seng rose 0.5%, led by China Mobile. South Korea’s Kospi rebounded from earlier losses to close up 0.4%, followed by Taiwan Weighted index, also up 0.4%, while Shanghai Composite declined 0.4%.
European markets sharply advanced at mid-day trading, boosted by solid gains in insurance stocks, including Zurich Financial, rising 10%, followed by Prudential and Royal & Sun, each climbing 5%. London FTSE 100 spearheaded gainers, reaching a five-year high of 0.8% to 6,041. The French CAC 40 rose 0.8% and the he German DAX 30 advanced 0.7%.
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