Nikkei close to highest

earthquake, with short-covering encouraged by an “outperform” rating for beleaguered Tokyo Electric Power and a government plan to avoid rolling power blackouts.
A jump in popular stock Fast Retailing, which operates the Uniqlo discount clothing chain, after it lifted its annual earnings outlook and a better-than-expected settlement for April options prices also bolstered sentiment.
Commodity trading advisers in the Nikkei futures market helped lead the short-covering while gains in commodity prices and further declines in the yen against the euro helped as well.
“There is no clear way you can explain today’s rally. Tepco shares’ sharp gains, the government’s plan to avoid rolling blackouts and the yen’s weakness are all positive factors, but again, you really can not pinpoint the exact factor,” said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments.
The benchmark Nikkei closed up 1,9 percent or 177,15 points at 9 768,08, its highest close since March 11 and the biggest percentage gain for a single day since March 30.
It also finished above its closely watched 25-day moving average, now around 9 716, for the first time since March 4, and the next key resistance level is its 200-day moving average at 9 834. The broader Topix ended up 1,4 percent or 12,03 points at 853,13.
Shares of Tokyo Electric jumped by one-fourth on Friday after Mizuho Securities reiterated its “outperform” rating on the operator of a crippled nuclear plant and set a target price more than double the current level. – AFP.