Nikkei index ends at highest level in nearly 3 weeks

The Japanese Nikkei index closed at the highest level in nearly three weeks today, Wednesday, as investors increased appetite for shares that are scheduled to be traded this week without the right to distribute profits, and the share of Soft Bank Group, which has a great influence in the market, jumped, supported by plans to divide the Ali Baba Group.

According to Reuters, the Nikkei index rose 1.33 percent to close at 27,883.78 points, its highest level since March 10 and the largest daily increase since March 22.

The broader Topix index rose 1.46 percent to 1995.48 points.

“Japanese stocks rose on demand for higher-dividend stocks, while gains in SoftBank Group provided further support,” said Shigetoshi Kamada, general manager of the research department at Tachibana Securities.

SoftBank jumped 6.18% to become the biggest supporter of the Nikkei index, by 62 points, after Alibaba Group announced plans to split into six units and explore fundraising or listing for most of them. SoftBank owns a stake in Alibaba

Fast Retailing, which owns the Uniqlo brand, rose 0.90 percent, and Daikin air conditioners rose 2.07 percent.

The oil exploration sector index rose 2.63 percent, becoming the biggest gainer among the 33 sub-indices on the Tokyo Stock Exchange.

Among the stocks listed on the Nikkei index, 213 rose, ten fell, and two remained unchanged.