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  1. Nikkei edges up for 6th day in choppy trade as Brexit panic fades

Nikkei edges up for 6th day in choppy trade as Brexit panic fades

Japan's Nikkei share average edged up on Monday morning in choppy trade, extending its five-day winning streak as global worries over Britain's vote to leave the European Union receded.

By: | Tokyo | Updated: July 4, 2016 10:23 AM
Japan Stocks The Nikkei opened down 0.8 percent, but was up 0.3 percent to 15,723.86 by midmorning trade.
The benchmark rose 4.9 percent over the course of its five-day rally last week. (Reuters)

Japan’s Nikkei share average edged up on Monday morning in choppy trade, extending its five-day winning streak as global worries over Britain’s vote to leave the European Union receded.

The Nikkei opened down 0.8 percent, but was up 0.3 percent to 15,723.86 by midmorning trade.
The benchmark rose 4.9 percent over the course of its five-day rally last week.

But volume is likely to be subdued as US financial markets remain closed on Monday for the Independence Day holiday.

Stability in the dollar, which was at 102.48 yen, and rallies in US and European shares on Friday have stabilised market sentiment, traders said.

“Hopes that the European central bank would take action to support markets helped lift the risk stance,” said Akio Yoshino, chief economist at equity research and strategy department at Amundi Japan.

Exporters gained, with Toyota Motor Corp rising 0.8 percent, Honda Motor Co gaining 2.1 percent and Panasonic Corp adding 1.1 percent.

Shiseido Co outperformed, rising 1.8 percent after the company signed an exclusive global license agreement with Dolce & Gabbana S.R.L., which will allow the Japanese group to manufacture and distribute products using the Dolce & Gabbana brand name.

Underperforming the market was synthetic rubber maker Zeon Corp, falling 5.5 percent after Nomura Securities cut its rating to “neutral” from “buy”, citing yen appreciation and concerns about the European economy.

The broader Topix rose 0.3 percent to 1,257.99 and the JPX-Nikkei Index 400 gained 0.3 percent to 11,357.07.

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