|Published : 30 Nov 2016, 12:06:12|
Japanese stocks edge up before OPEC meeting
Japanese stocks edged up on Wednesday morning but gains were limited as most investors stayed on the sidelines ahead of an OPEC meeting to decide on production cuts and a crucial referendum in Italy.
The Nikkei share average tacked on 0.2 per cent to 18,345.95 in midmorning trade. The benchmark index has risen 13 per cent.
Shigemi expects subdued activity as traders looked to developments at the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna later in the day.
Exporters were mixed, with Honda Motor Co rising 2.1 per cent, Nissan Motor Co falling 0.4 per cent and Panasonic Corp gaining 2.5 per cent.
The dollar was steady at 112.430 yen. It had surged to 113.340 overnight on robust revised US GDP data that showed the US economy grew more quickly than initially thought.
Brokers were solidly bid, with Nomura Holdings gaining 1.0 per cent and Daiwa Securities advancing 1.5 per cent.
However, iron and steel stocks languished on outlook worries, with Nippon Steel & Sumitomo Metal Corp dropping 3.0 per cent and JFE Holdings shedding 3.1 per cent.
The broader Topix rose 0.2 per cent to 1,471.41 and the JPX-Nikkei Index 400 added 0.2 per cent to 13,204.36, according to a news agency report.