Nikkei edges up, supported by gains in defensive stocks

  • Reuters
  • Stock Market News
Nikkei edges up, supported by gains in defensive stocks
Credit: © Reuters.

TOKYO, Feb 23 (Reuters) - Japan's Nikkei share average edged up on Friday morning, with most sectors advancing as sentiment improved after fears of more aggressive U.S. interest rate hikes receded, with defensive stocks such as construction and utilities outperforming.

The Nikkei .N225 rose 0.3 percent to 21,791.68 in midmorning trade. For the week, the benchmark index was up 0.4 percent.

Construction companies Kajima Corp 1812.T and Taisei Corp 1801.T climbed 2.6 percent and 1.7 percent, respectively, and Tokyo Electric Power Co 9501.T rose 1.8 percent.

Mining stocks also gained, with Inpex 1605.T and Japan Petroleum Exploration 1662.T both surging 2.0 percent after oil prices rose to two-week highs. were mixed. Some investors hesitated to take positions, on caution the U.S. share market could see volatility again.

The broader Topix .TOPX gained 0.4 percent to 1,753.98.

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