Japanese shares steady amid trade optimism

  • Reuters
  • Stock Market News
Japanese shares steady amid trade optimism
Credit: © Reuters.

TOKYO, Dec 27 (Reuters) - Japanese shares were largely unchanged on Friday, though optimism on U.S.-China rapprochement on a trade deal underpinned the market, especially cyclical value shares.

As of 0214 GMT, the Nikkei share average .N225 was down 0.03% at 23,918.90, still not far from 14-month top of 24,901 touched early December while the broader Topix .TOPX gained 0.22% to 1,734.98.

The market has been supported by hopes that the United States and China will sign off on a tentative trade deal early next year.

But as many foreign investors remained absent due to year-end holidays, retail Japanese traders were considered to be the main players.

Shippers .ISHIP.T were the best performing sector among the Tokyo Stock Exchange's 33 industry subindexes with gain of 1.2%. Kawasaki Kisen 9107.T rose 1.9% while Mitsui OSK Lines 9104.T gained 1.4%.

Household names did well with Softbank Group 9984.T rising 1.5% and Nintendo 7974.T 0.7%.

The index of Mothers start-up market .MTHR rose 0.5% while the Jasdaq market .NOTC , another bourse for start-up firms, also ticked up 0.5%.

Banks .IBNKS.T gained 0.6%, with both MUFG 8306.T and Mizuho Financial 8411.T up 0.6%.

J. Front Retailing 3086.T jumped 4.4% to a one-year high as investors welcomed the announcement from the department store operator that it will seek to wholly own Parco 8251.T , an operator of commercial complex in which it already has a dominant stake. said it was offering 1,850 yen per share, a 35.6% premium to Parco's 1,364 yen closing price on Wednesday. Parco shares are untraded with a glut of buy orders.

Many of the top decliners were those that went ex dividend on Friday.

Japan Tobacco 2914.T , which boasts the highest dividend yield among the Topix Core 30 of top firms, lost 3.2% while Canon 7751.T shed 2.2%.

Skylark Holdings 3197.T dropped 3.4% while Pola Orbis Holdings 4927.T shed 3.1%.

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