Japan’s Nikkei Average Ends above 16,000

Japanese stocks rose Wednesday after a lower open, managing solid gains with most other Asian markets were closed for the Christmas holiday. The Nikkei Stock Average JP:NIK +0.76% climbed 0.8% to 16,009.99, its first close above the 16,000 level since late 2007.

The broader Topix ended with a more modest 0.1% rise. Seven & I Holdings Co. JP:3382 +1.51% SVNDF +2.66% , operators of the 7-Eleven convenience-store chain, rose 1.5% as a Nikkei Asian Review report said it planned to pay about ¥5 billion yen to purchase nearly half of Bals, which runs home-and-kitchen-furnishings retailer Francfranc. Chip maker Renesas Electronics Corp.JP:6723 +6.53% RNECY -8.24% was a strong performer, rallying 6.5% after suffering a sizeable drop in the previous session.

On the downside, shares of Softbank Corp.JP:9984 -0.45% SFTBF -3.02% fell 0.5%, after a separate article in the Nikkei saying that previously reported plans by the firm to buy T-Mobile US Inc. TMUS +0.96% through its newly acquired Sprint S +0.21% unit would value the transaction at more than 2 trillion yen ($19 billion) and would take place as early as next spring.

Auto-maker stocks were mostly higher after trading mixed following the release of Japanese car-sales data for November. Toyota Motor Corp. JP:7203 +0.16% TM -0.50% added 0.2%, Honda Motor Co.JP:7267 +0.12% HMC -1.51% inched up 0.1%, Mazda Motor Corp. JP:7261 +2.19%MZDAF -1.41% climbed 2.2% on a 15% annual gain for domestic sales, and Subaru maker Fuji Heavy Industries Ltd. JP:7270 +1.00% FUJHF +0.24% rose 1%.

Mitsubishi Motors Corp.JP:7211 -0.55% MMTOF -0.58% bucked the trend, closing down 0.6% after solid gains earlier in the week.

Source: Marketwatch