Nikkei rises led by chip-related firms, insurers

TOKYO, Jan 29 (Reuters) - Japan's Nikkei share average rose on Monday morning following a U.S. market rally, with chip-related stocks and insurance firms leading gains.

The Nikkei gained 0.5 percent to 23,737.38 in midmorning trade.

Silicon products maker Shin-Etsu Chemical jumped 4.7 percent after raising its net profit forecast and dividend payout outlook for the year ending March, while silicon wafer maker Sumco soared 4.3 percent.

Chip-making equipment manufacturers also outperformed the overall market, with Tokyo Electron rising 2.0 percent and Advantest Corp advancing 1.9 percent.

Insurers also staged rallies, with T&D Holdings up 1.9 percent and Dai-ichi Life Holdings surging 1.5 percent.

The broader Topix added 0.4 percent to 1,885.95. (Editing by Sam Holmes)