Nikkei rises this morning

The Nikkei has continued its strong recent performance this morning (May 14th), with the index recorded 0.2 per cent higher at the midday break.

Having reached a new five-and-a-half year high yesterday, it rose to 14,817.10, just shy of its highest point of 14,849.01 that was hit on Monday.

The utility sector was up by nine per cent this morning and this meant it was the best sectoral performer on the index during the session, Reuters reports.

Kansai Electric Power Co and Kyushu Electric Power Co rose by 17 per cent and 12 per cent respectively to push the index back up after it dipped during yesterday afternoon's session.

"The market is short of new catalysts for now as most of the corporate earnings are out. The mid-term trend should be positive," said Nobuhiko Kuramochi, strategist at Mizuho Securities

Yesterday morning saw the Nikkei up by 1.7 per cent at one stage, but it fell back during the afternoon session away from the new five-and-a-half year high it had set.

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