Topix Rises for First Time in 3-Days as Shippers Advance

Japanese shares rose, with the Topix index climbing for the first time in three days amid low volume as shippers and paper-product makers led gains.

The Topix increased 0.9 percent to 1,529.22 at the close of trading in Tokyo, with almost five shares rising for each that fell. Volume was 22 percent below the 30-day average as about 1.5 trillion yen ($ 12.5 billion) of shares changed hands, the smallest turnover in a year. The Nikkei 225 Stock Average added 0.6 percent to 18,873.35, while the yen traded at 120.48 per dollar after rising for four days. Japanese markets will be closed from Dec. 31.

Shipping lines and paper product makers paced gains among the Topix industry groups, while tiremakers and food producers fell. Sharp Corp. jumped 7.3 percent after Kyodo newswire reported Taiwan’s Hon Hai Precision Industry Co. will offer about 300 billion yen to buy the company. Kitchen appliance maker Zojirushi Corp. slumped 8.2 percent after forecasting a decline in profit.

The Topix index is headed for a 8.4 percent gain this quarter and a 8.7 percent advance this year, its fourth consecutive annual increase. The measure is still 9.6 percent below its peak in August after China’s shock currency devaluation and the specter of Federal Reserve interest rate hikes sparked a global equity selloff.

Japan’s industrial production fell 1 percent on the month in November, worse than economists’ estimates for a 0.5 percent decline. Retail sales also slipped, losing 2.5 percent last month. Economists had estimated a 1.4 percent slide.

Source : Bloomberg

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