RTTNews - The stock market in Japan ended in positive territory on Friday led by metal and trading companies on optimism about global recovery after Germany and France emerged out of recession and Wal-Mart reported better-than-expected results.
The benchmark Nikkei 225 Index ended the session at a 10-month high of 10,597, up 80.14 points, or 0.76%, while the broader Topix index of all first section stocks gained 5.16 points, or 0.53% and closed at 974.
On the economic front, the Ministry of Economy, Trade and Industry revealed that an index measuring tertiary industrial activity unexpectedly increased by a seasonally adjusted 0.1% during the month of June, contrary to economists' mean expectations of a 0.3% decline.
Light sweet crude oil price for September delivery ended at $70.88 a barrel in electronic trading, up $0.36 from its previous close $70.52 a barrel in New York on Thursday.
Trading companies and machinery companies led the gains following rise in commodity prices in the international market.
Trading companies gained after Goldman Sachs analyst said that a recovery in steel production makes trading companies more attractive. Mitsubishi Corp. rose 3.32%, Mitsui & Co., gained 2.78%, Toyota Tsusho Corp. advanced 1.78%, Marubeni Corp surged up 5.78% and Sumitomo Corp. added 0.62%.
Machinery companies advanced on expectation that demand is picking up in China. Komatsu surged up 5.28%, Hitachi Construction Machinery soared 8.37%, Daikin Industries advanced 2.57% and Kuboto Corp. rose 2.81%.
In banking space, Mitsubishi UFJ Financial added 0.66%, Resona Holdings advanced 0.91% and Sumitomo Mitsui edged up 0.24%. Mizuho Financial remained unchanged from previous close.
Among retailers, Aeon & Co. added 0.61% and J Front Retailing gained 1.76%. However, Fast Retailing fell 2.60% following news that its rival Aeon started selling jeans at a price tag of 880 Yen, lower than the price of 990 Yen charged by Fast Retailing.
In the U.S., stocks ended in positive territory with modest gains on Thursday amid choppy trading and late-buying interest in stocks after weak economic data on retail sales and weekly jobless numbers raised concerns about weak economic fundamentals.
The Dow finished up by 36.58 points or 0.4% at 9,398, the Nasdaq climbed by 10.63 points or 0.5% to 2,009 and the S&P 500 rose by 6.92 points or 0.7% to 1,013.
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