Nikkei nearly flat, Fast Retailing's gains offset weak exporters

  • Reuters
  • Stock Market News
Nikkei nearly flat, Fast Retailing's gains offset weak exporters
Credit: © Reuters.

TOKYO, Jan 12 (Reuters) - Japan's Nikkei share average was nearly flat on Friday morning, with weakness in exporters countered by strong gains in index-heavy Fast Retailing after the clothing company posted record quarterly profit.

The Nikkei .N225 edged 0.1 percent lower to 23,692.99, hovering at its 5-day moving average of 23,692.18. For the week, it has shed 0.1 percent so far.

Fast Retailing Co 9983.T jumped more than 5 percent and contributed a hefty 113 positive points to the Nikkei after it posted a 28.6 percent jump in its operating profit to 113.9 billion yen ($1 billion) for the first quarter, a record quarterly profit. took a hit as the yen has stayed on the stronger side. The dollar was at 111.14 yen JPY= after plumbing a six-week low of 111.05 yen on Thursday.

Olympus 7733.T tumbled 3.1 percent, Kyocera 6971.T dropped 1.9 percent and Nissan Motor 7201.T declined 0.6 percent.

The food sector .IFOOD.T was also weak, with Ajinomoto 2801.T falling 1.5 percent and Kikkoman 2801.T shed 1.2 percent.

The broader Topix .TOPX shed 0.5 percent to 1,878.41.

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