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Nikkei flat as rally in trading firms offsets profit-booking

Stock MarketsSep 01, 2020 11:30
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TOKYO, Sept 1 (Reuters) - Japan's Nikkei share average was
almost unchanged on Tuesday, as investors booking profits was
countered by an extended rally in stocks of trading companies.
The benchmark Nikkei share average .N225 was up 0.03% at
23,145.86 by the midday break, after flitting between positive
and negative territories in early trade. There were 71 advancers
against 149 decliners.
The broader Topix .TOPX fell 0.23% to 1,614.40, with all
but eight of 33 sectoral sub-indexes on the Tokyo exchange
trading lower.
Shares of trading firms continued to rally from the previous
session after Warren Buffett's Berkshire Hathaway BRKa.N said
it bought a 5% stake in each of Japan's five biggest trading
houses, together worth over $6 billion. Mitsubishi Corp 8058.T gained 2.85%, Mitsui & Co 8031.T
rose 1.85%, and Sumitomo Corp 8053.T added 1.27%. Marubeni
8002.T and Itochu Corp 8001.T rose 1.19% and 0.94%,
respectively.
Shares of Sojitz 2768.T also followed suit to add 0.82%.
Broader sentiment received some boost following data that
showed factory activity in China expanded at the fastest clip in
nearly a decade in August, bolstered by the first increase in
new export orders this year. Back home, data showed Japan's jobless rate increased, the
availability of jobs in July declined, and the country's factory
activity contracted at the slowest pace in six months in August.
Life insurers, which rely on foreign bonds for income,
dipped taking overnight cues from lower long-term U.S. Treasury
yields.
T&D Holdings 8795.T dropped 1.35% and Tokio Marine
Holdings 8766.T fell 1.31%, while Sompo Holdings 8630.T lost
1.01%.
Elsewhere in the market, the Mothers Index .MTHR of
start-up firm shares rose 1.89% to 1,142.82.

Nikkei flat as rally in trading firms offsets profit-booking
 

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