Nikkei inches up on Wall Street rise, takes China data in stride

  • Reuters
  • Stock Market News
Nikkei inches up on Wall Street rise, takes China data in stride
Credit: © Reuters.

By Shinichi Saoshiro

TOKYO, Oct 19 (Reuters) - Japan's Nikkei share average inched up on Wednesday, taking cues from a bounce by Wall Street shares, with the market taking China's growth data in stride since they were roughly in line with expectations.

The Nikkei .N225 was up 0.3 percent at 17,007.24 points, ensconced in a tight range through the session.

"All three Wall Street indexes rebounded overnight and crude oil prices are rising, and these are supportive factors for the market," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.

Wall Street advanced on Tuesday to give the S&P 500 its best day this month on the heels of solid earnings reports from names such as UnitedHealth and Netflix (NASDAQ: NFLX ). .N

"On the other hand, steady selling pressure around the 17,000 threshold is preventing a further advance and keeping the Nikkei in range," Ichikawa said.

China's economy grew 6.7 percent in the third quarter from a year earlier, steady from the previous quarter and in line with market expectations, as increased government spending and a property boom offset stubbornly weak exports. ECONCN

Shares of Sharp Corp 6753.T rose 9.2 percent following a report that the company expects to post an operating profit of about 40 billion yen this fiscal year helped by cost cuts and a withdrawal from its loss-making North American TV business. big gainers included food processor Maruha Nichiro Corp 1333.T which rose as much as 6.7 percent after the Nikkei said its April-September operating profit likely doubled from a year earlier, helped as a stronger yen reduced import costs. Corp 4543.T was up 2 percent after two U.S. companies said they will sell some of their medical devices to the medical equipment maker.

Abbott Laboratories (NYSE: ABT ) ABT.N , which is in the process of buying St. Jude Medical Inc STJ.N for $25 billion, said the companies would sell some of their medical devices to Terumo Corp for about $1.12 billion. broader Topix .TOPX gained 0.15 percent to 1,358.58 and the JPX-Nikkei Index 400 .JPXNK400 added 0.15 percent to 12,155.36.

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