By Stanley White
TOKYO, Dec 23 (Reuters) - Japanese stocks rose on Monday as
the early approval of a cancer drug and an improved earnings
outlook boosted the healthcare sector in thin trade ahead of the
Christmas and New Year holidays.
Shares in the consumer staples sector also rose due to hope
of a pick up in spending during the year-end shopping season.
At 0131 GMT, the Nikkei index was 0.15% higher at 23,852.18.
It has risen 19% so far this year.
The healthcare sector extended recent gains after the U.S.
Food and Drug Administration on Friday approved a drug from
Daiichi Sankyo Co Ltd 4568.T and AstraZeneca PLC AZN.L to
treat an advanced form of breast cancer, three months ahead of
schedule. AstraZeneca in March signed a licensing and collaboration
deal that committed the British drugmaker to pay up to $6.9
billion to its Japanese partner Daiichi Sankyo.
Sentiment also remained positive after U.S. President Donald
Trump reiterated over the weekend that Washington and Beijing
are on track to sign a so-called phase one trade deal that will
delay additional U.S. tariffs on Chinese goods in exchange for
large purchases of U.S. agricultural products. However, some traders said the deal would not eliminate the
potential for additional clashes between the United States and
China over trade and foreign policy, which could continue to
unsettle the global outlook.
There were 87 advancers on the Nikkei index against 131
decliners on Monday.
The largest percentage gainers were Daiichi Sankyo at 4.05%,
followed by Internet services company Z Holdings Corp 4689.T
at 3% and medical device maker Olympus Corp 7733.T at 2.53%.
The largest percentage losses were Nippon Sheet Glass Co Ltd
5202.T at 6.28%, followed by construction and engineering firm
JGC Holdings Corp 1963.T at 2.88% and shipbuilder Mitsui E&S
Holdings Co Ltd 7003.T at 2.82%.
In mergers-and-acquisitions activity, shares of Unizo
Holdings Co Ltd 3258.T rose 5.31% after the hotel chain on
Sunday said it had received a friendly buyout offer from U.S.
investment fund Lone Star. The offer could end a five-month takeover battle involving
Blackstone Group Inc BX.N , Fortress Investment Group and
activist investor Elliott Management.
The broader Topix index .TOPX fell 0.14% to 1,730.50.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 0.39 billion, compared with the average
of 1.21 billion in the past 30 days.
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AstraZeneca, Daiichi's breast cancer drug gets accelerated
approval from FDA says trade deal with China to be signed 'very shortly'
Star emerges as white-knight bidder for Japanese hotel
chain Unizo ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>