Nikkei closes at 2 week-high on oil rebound; Showa Shell soars on M&A report

Big 5

TOKYO, Dec 22(Reuters) – Japanese stocks advanced on Monday as rebounding crude prices underpinned oil-related shares.

The Nikkei benchmark ticked up 0.1 percent to end the day at 17,635.14, its highest closing level since Dec. 9.

The Tokyo Stock Exchange oil and coal products companies subindex starred, gaining 8.4 percent as oil staunched its recent losses. U.S. crude added 1.4 percent to $57.88 a barrel.

Oil refiner Showa Shell Sekiyu soared 27.7 percent on a media report that it was in talks to be acquired by bigger rival Idemitsu Kosan Co Ltd for as much as 500 billion yen ($4.2 billion).

The broader Topix gained 0.2 percent to 1,413.05, while the JPX-Nikkei Index 400 ticked up 0.3 percent to 12,840.74.

($1 = 119.5200 yen)

Source : Reuters


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