The Financial Express

Nikkei inches higher, oil-related shares rise

Published: December 27, 2017 12:39:03 | Updated: December 29, 2017 13:56:25

File Photo (Collected) File Photo (Collected)

Japan’s Nikkei share edged up up on Wednesday, with a rally in crude prices supporting oil-related shares.

The Nikkei was 0.09 per cent higher at 22,912.43, according to Reuters.

With crude prices reaching 2-1/2-year highs, Inpex Corp, an oil and natural gas producer, added 2.0 per cent.

Offshore oil drilling company Japan Drilling Co rose 1.3 per cent and Japan Petroleum Exploration Co advanced 3.9 per cent. Oil refiner Idemitsu Kosan Co gained 1.7 per cent.

Ship builder Kawasaki Heavy Industries advanced 7.5 per cent after announcing that it will post a 13 billion yen ($114.75 million) extraordinary loss due to the termination of an offshore constructing agreement with a Norwegian company.

While the termination would incur losses, the announcement was greeted positively as the offshore construction project was seen to have been burdening Kawasaki Heavy with extra costs.

Of Tokyo’s 33 sub-indexes, 26 were in positive territory, led by mining and oil and coal products.

The broader Topix was 0.17 per cent higher at 1,829.97.

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