Japanese shares edge up; Nintendo jumps

Published: April 19, 2019 13:05:23 | Updated: April 25, 2019 12:45:57

File photo (Collected)

Japan’s Nikkei rose on Friday morning as Wall Street gains raised risk appetite and lifted cyclical stocks, while Nintendo jumped after Tencent won approval to sell its Switch console in China.

The Nikkei share average advanced 0.6 per cent to 22,223.41 at the midday break. For the week, the index has risen 1.6 per cent, poised for a third week of gain, reports Reuters.

The US market rose supported by robust economic data, while industrial stocks rallied after China’s commerce ministry spokesman said there had been new progress in US-China trade talks.

China’s economy grew at a steady 6.4 per cent pace in the first quarter, data showed on Wednesday, defying expectations for a further slowdown, as industrial production jumped sharply and consumer demand showed signs of improvement.

Tokyo Electron rose 2.3 per cent, Fanuc added 1.5 per cent, Okuma soared 2.3 per cent, Kawasaki Kisen advanced 1.5 per cent. East Japan Railway shed 1.1 per cent and Tokyo Gas declined 1.8 per cent.

Meanwhile, Nissan Motor dropped 1.3 per cent after the Nikkei business daily said that it will cut global production by about 15 per cent for the current fiscal year ending March 2020.

The broader Topix gained 0.3 per cent to 1,619.19.

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