Japanese Market Modestly Higher

(RTTNews) - Adding to the gains in the previous three sessions, the Japanese stock market is modestly higher on Friday, following the broadly positive cues from global markets overnight. The benchmark Nikkei 225 is moving above the 40,900 level, with gains across most sectors led by exporters and financial stocks.

The benchmark Nikkei 225 Index is gaining 95.27 points or 0.23 percent to 40,910.93, after touching an all-time high of 41,087.75 earlier. Japanese stocks closed sharply higher on Thursday.

Market heavyweight SoftBank Group is edging up 0.2 percent and Uniqlo operator Fast Retailing is adding 1.5 percent. Among automakers, Honda and Toyota are gaining more than 2 percent each.

In the tech space, Advantest is losing more than 1 percent and Screen Holdings is down almost 1 percent, while Tokyo Electron is advancing almost 1 percent.

In the banking sector, Mitsubishi UFJ Financial, Mizuho Financial and Sumitomo Mitsui Financial are gaining almost 2 percent each.

Among major exporters, Mitsubishi Electric is gaining almost 2 percent, Canon is adding almost 1 percent, Panasonic is advancing more than 2 percent and Sony is edging up 0.4 percent.

Among other major gainers Sharp is soaring almost 8 percent, Suzuki Motor is surging almost 5 percent and Nissan Motor is gaining more than 4 percent, while Sumitomo Osaka Cement, Bridgestone, Tokyo Electric Power and Comsys Holdings are gaining more than 3 percent each. Kubota, Dai-ichi Life, Fujikura, Japan Airlines and Mitsui Fudosan are adding almost 3 percent each.

Conversely, Chugai Pharmaceutical is losing more than 3 percent.

In economic news, overall nationwide consumer prices were up 2.8 percent on year in February, the Ministry of Internal Affairs and Communications said on Friday. That was in line with expectations and up from 2.2 percent in January.

On a monthly basis, inflation was flat for the second straight month. Core CPI, which excludes the volatile costs of food, were up 2.8 percent on year - also matching forecasts and accelerating from 2.0 percent in the previous month.

In the currency market, the U.S. dollar is trading in the higher 151 yen-range on Friday.

On Wall Street, stocks showed a strong move to the upside in early trading on Thursday but gave back ground over the course of the session. While the major averages pulled back well off their best levels of the day, they still ended the session at new record closing highs.

The Dow finished the day firmly in positive territory, while the S&P 500 and the Nasdaq posted more modest gains. The Dow climbed 269.24 points or 0.7 percent to 39,781.37, the S&P 500 rose 16.91 points or 0.3 percent at 5,241.53 and the Nasdaq edged up 32.43 points or 0.2 percent to 16,401.84.

The major European markets all also moved to the upside on the day. While the U.K.'s FTSE 100 Index surged by 1.9 percent, the German DAX Index jumped by 0.9 percent, the French CAC 40 Index edged up by 0.2 percent.

Crude oil futures settled lower on Thursday, weighed down by a stronger dollar and weak gasoline demand in the U.S. West Texas Intermediate Crude oil futures for May dipped $0.20 at $81.07 a barrel.