Nikkei ends a see-saw session higher, Idemitsu falls

Japan’s Nikkei share average gained on Thursday as bargain hunting prevailed during a see-sawing session, while refiner Idemitsu Kosan slid as its takeover bid for a Showa Shell hit an obstacle.

The Nikkei closed up 1.1 percent at 16,254.89 to rise for the first time in three days. The index initially fell to a 3-week low of 15,921.04 in nervous trade before Friday’s U.S. jobs data, with the break below the 16,000 threshold generating future-led bargain hunting.

Financials posted strong gains, with the banking and securities sub-indexes helped by relief over the relatively upbeat results of large European banks.

Idemitsu Kosan Co Ltd and Showa Shell Sekiyu KK fell 7.7 percent and 6.9 percent respectively. The shares fell after Idemitsu’s founding family reportedly bought a stake in Showa Shell to block Idemitsu management’s takeover plan.

The broader Topix rose 0.9 percent to 1,282.99 and the JPX-Nikkei Index 400 added 0.9 percent to 11,541.05.

Source: Reuters