|Published : 14 Oct 2016, 11:32:31|
Nikkei share edges up in choppy trading
Japan's Nikkei share edged up in choppy trade on Friday morning as index-heavyweight Fast Retailing Co's strong gains offset negative sentiment from Wall Street's weakness overnight.
Fast Retailing, owner of the Uniqlo casual-wear brand, jumped 4.2 per cent after saying on Thursday it expected operating profit to jump 38 per cent to a record high 175.0 billion yen for the year ending in August 2017.
Fast Retailing's good news contributed a hefty positive 58 points to the Nikkei.
The Nikkei opened a tad lower, but turned positive in midmorning trade. At 0157 GMT, the index rose 0.2 per cent to 16,809.55. For the week, it has fallen 0.3 per cent.
Exporters were weak, with Toyota Motor Corp shedding 0.2 per cent, Honda Motor Co was down 0.4 per cent and Panasonic Corp fell 0.05 per cent.
But Fujitsu Ltd outperformed and rose 3.8 per cent after the Nikkei reported that the company had launched an initial bidding round for the household internet operations of its Nifty subsidiary.
The broader Topix fell 0.1 per cent to 1,340.9 and the JPX-Nikkei Index 400 was down 0.2 per cent per cent to 112980.32, according to a news agency report.