Stocks

Nikkei edges up; defensive stocks outperform

Reuters Tokyo | Updated on February 23, 2018 Published on February 23, 2018

The Nikkei rose 0.3 per cent to 21,791.68 in midmorning trade. For the week, the benchmark index was up 0.4 per cent.   -  Reuters

Fears of more aggressive US interest rate hikes recede

Japan's Nikkei share average edged up on Friday morning, with most sectors advancing as sentiment improved after fears of more aggressive US interest rate hikes receded, with defensive stocks such as construction and utilities outperforming.

The Nikkei rose 0.3 per cent to 21,791.68 in midmorning trade. For the week, the benchmark index was up 0.4 per cent.

Construction companies Kajima Corp and Taisei Corp climbed 2.6 per cent and 1.7 per cent, respectively, and Tokyo Electric Power Co rose 1.8 per cent. Mining stocks also gained, with Inpex and Japan Petroleum Exploration both surging 2.0 per cent after oil prices rose to two-week highs.

Exporters were mixed. Some investors hesitated to take positions, on caution the US share market could see volatility again. The broader Topix gained 0.4 per cent to 1,753.98.

Published on February 23, 2018
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