Nikkei edges higher, but gains capped by weak banks

  • Reuters
  • Stock Market News
Nikkei edges higher, but gains capped by weak banks

TOKYO, Dec 28 (Reuters) - Japan's Nikkei share average edged up on Thursday, although wider gains in industrial-related stocks were offset by weakness in banking shares as activity waned heading into the year-end.

The Nikkei .N225 was up 0.15 percent at 22,945.67 at the end of morning trading. The broader Topix .TOPX was nearly flat, up 0.01 percent at 1,829.99.

Friday is the last trading day of 2017, for which the Nikkei is on track to have gained more than 20 percent.

Stronger sectors included textiles .ITXTL.T , up 0.6 percent, iron and steel .ISTEL.T , up 0.6 percent, and non-ferrous metals .INFRO.T , up 0.7 percent.

The banking subindex .IBNKS.T slumped 0.7 percent, with Mitsubishi UFJ Financial Group 8306.T down 1.3 percent.

Idemitsu Kosan Co 5019.T shares dropped 1.8 percent. The oil company's founding family, locked in a battle with the firm's management over a proposed integration with smaller rival Showa Shell (LON: RDSa ) Sekiyu 5002.T , said it had further increased its stake in Idemitsu by about half a percentage point to about 28.5 percent. Sheet Glass Co 5202.T fell 3.1 percent, a day after it cut its fiscal year net profit forecast. market sentiment, data released early on Thursday showed Japan's industrial output rose more than expected in November and companies forecast a further increase in December as robust overseas demand continues to support factory activity and broader economic growth. capital flows data showed foreign investors turned net buyers of Japanese stocks for the week ending on Dec. 23.

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