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Market Update

Resource Stocks Lead 1.2% Rebound in Nikkei

Author: Hiruki Nakamura
Last Update: 6:52 AM ET November 17 2015

4:30 PM Tokyo Nikkei average in Tokyo jumped higher following a rally in New York in overnight trading. Resource sector stocks jumped after crude oil increased for the second day in a row. JX Holdings is in talks to merge with rival the TonenGeneral Sekiyu.

The Nikkei index rebounded 1.2% following an Asian-wide rally after the U.S. indexes gained in an overnight trading.

On Wall Street the Dow Jones index jumped 1.4% and the S&P 500 soared 1.5%.

In Tokyo trading, commodities and resource sector stocks led the gainers after crude oil extended gains for the second day in a row and increased 2.2%.

Fuji Heavy lifted profit forecast for the next three years and JX Holdings is in talks to merge with the rival TonenGeneral Sekiyu before the end of the year.

The Nikkei 225 Stock Average jumped 236.94 or 1.2% to 19,630.63 and the broader Topix index increased 14.58 to 1,586.11.

The yen weakened to 123.43 against a dollar.

Stocks in Review

Fuji Heavy Industries Ltd jumped 2% to 5,098 yen after the machinery and equipment maker and the owner of Subaru brand vehicles maker lifted its sales target in North America and estimated record profit for next three-year through March 2018.

JX Holdings, Inc soared 3.4% to 498.50 yen after the petrochemical company is in talks to merge with the rival TonenGeneral Sekiyu K.K

The transaction is expected to complete by the end of the year.

Shiseido Company, Limited rose 0.1% to 2,729 yen after the cosmetics, toiletries and health products maker withdrew its Za brands products in India.

The management also said it plans to turn the Indian unit around and return it to profitability by the end of the year.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc