Japan Stocks Gain as Oil Explorers Counter Declines by Airlines

Japanese stocks rose, with the Topix index trading near its highest level in about seven years, as gains by energy explorers countered a drop by airlines and utilities following a rebound in oil prices.

The Topix index climbed 0.4 percent to 1,512.88 at the trading break in Tokyo, swinging from a 0.2 percent loss, heading for its highest close since December 2007. The Nikkei 225 Stock Average added 0.6 percent to 18,688.32, trading near a 15-year high. Goldman Sachs Group Inc. boosted its 12-month target price for the Topix to 1,700, citing earnings growth, valuations and a trend toward Japanese shares decoupling from moves in the yen.

Futures on the Standard & Poor’s 500 Index were little changed after the underlying gauge slipped 0.1 percent from a record in New York on Wednesday.

Brent crude oil surged 5.1 percent in London and West Texas Intermediate futures climbed 3.5 percent in New York.

Source : Bloomberg