Nikkei’s surge continues

TOKYO - Tokyo's Nikkei average rose for an eighth straight session to its highest close in 10 months yesterday, bolstered by gains in Sony Corp after news the electronics giant will reshuffle its management.

The Nikkei climbed 52.31 points, or 0.44 per cent, to 11,925.36, its best close since April 28. It has gained 3.7 per cent in the last eight sessions.

Sony gained 1.8 per cent to 4080.

Data released yesterday which showed that Japanese companies increased spending on plant and equipment by a slower than expected 3.5 per cent year-on-year in the last three months of 2004 had little impact on the market.

Preliminary data, to be revised on March 14, showed that Japan's gross domestic product contracted by 0.1 per cent in the three months to December from the previous quarter.

That means there have now been three quarters of contraction in a row.

- REUTERS