June 29, 2016 / 6:11 AM / 2 years ago

Nikkei gains as markets try to fight off Brexit fears

TOKYO, June 29 (Reuters) - Japanese stocks rose on Wednesday, tracking a recovery in global equities as Brexit concerns eased somewhat for the time being.

Capping its third day of gains, Japan’s Nikkei share average jumped 1.6 percent to close at 15,566.83. The index has reclaimed roughly half of the territory lost Friday when it tanked 7.9 percent to its lowest since Feb. 12 on the Brexit shock.

Banking sector shares gained 1.8 percent, rising for the first time in four days and helping shore up the Nikkei.

Japan’s leading oil refiner Idemitsu Kosan Co fell 6.5 percent on tensions over its takeover of rival Showa Shell Sekiyu. Idemitsu was reported to be considering the issuance of new shares through third party allotment to counter its founding family’s opposition to the merger.

The broader Topix climbed 1.88 percent to 1,247.69 and the JPX-Nikkei Index 400 rose 1.87 percent to 11,263.70. (Reporting by Shinichi Saoshiro and Ayai Tomisawa; Editing by Shri Navaratnam)

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