TOKYO, March 29 (Reuters) - Japan's Nikkei share average
ended at a near three-week high on Wednesday as investors
snapped up stocks set to go ex-dividend this week and market
heavyweight SoftBank Group jumped on Alibaba Group's split-up
plans.
The Nikkei index rose 1.33% to close at 27,883.78,
its highest since March 10 and marking the biggest daily jump
since March 22.
The broader Topix rose 1.46% to 1,995.48.
"Japanese stocks rose because of demand for shares with
higher dividend payouts, while gains in SoftBank Group gave
further strength," said Shigetoshi Kamada, general manager at
the research department at Tachibana Securities.
SoftBank jumped 6.18% and lifted the Nikkei the
most, by 62 points, after Alibaba Group announced
plans to split into six units and explore fundraisings or
listings for most of them. SoftBank has a stake in Alibaba.
Uniqlo brand owner Fast Retailing gained 0.90% and
air-conditioning maker Daikin Industries rose 2.07%.
Oil explorers rose 2.63% and was the top gainer
among the Tokyo Stock Exchange's 33 industry sub-indexes.
Fujitec surged 7.32% after its new board voted to
oust Chairman Takakazu Uchiyama in another win for activist
shareholder Oasis Management, a Hong Kong-based hedge fund which
has a 17% stake in the elevator maker.
Chip-making equipment maker Tokyo Electron fell
0.56%, weighing the most on the Nikkei. Chip-testing equipment
maker Advantest cut early losses to end 0.08% higher.
Drugmaker Daiichi Sankyo was among the heavyweights
that fell, with a 0.22% drop.
Of the Nikkei components, 213 rose, 10 declined and two
traded flat.
(Reporting by Junko Fujita; Editing by Savio D'Souza)
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