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Updated December 26th, 2023 at 08:35 IST

Nikkei holds steady in quiet trading; retailers fall, energy stocks gain

The overall volume of trade on Monday was just under 590 million shares, marking the lowest level in eight months.

Business Desk
Nikkei
Nikkei | Image:Shutterstock
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Japan's Nikkei share average showed little movement on Tuesday, with declines in retailer and auto shares offset by gains in the energy sector. The market traded within narrow ranges during the morning session due to a lack of trading cues and many market participants being away for year-end holidays.

At midday, the Nikkei was flat at 33,253.21, while the broader Topix edged 0.06 per cent lower.

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Maki Sawada, a strategist at Nomura Securities, commented, "You don't get a sense of any real direction from movements in the stock market today." She noted that the Nikkei seemed closely tied to the previous day's closing level, with thin trading conditions persisting as many market participants were absent.

The overall volume of trade on Monday was just under 590 million shares, marking the lowest level in eight months. As of midday on Tuesday, the volume was slightly over 321 million shares.

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Takashimaya, a department store operator, was the biggest decliner on the Nikkei, falling 3.26 per cent, despite reporting solid earnings after Monday's market close. It had experienced a 2.36 per cent climb the previous day in anticipation of the results. J. Front Retailing, another peer in the sector, dropped 2.27 per cent ahead of its own financial report scheduled after Tuesday's market close. Odakyu Electric Railway, involved in both department stores and trains, lost 2.62 per cent.

Automotive shares remained weak due to the safety-test scandal at Toyota Motor's small car unit Daihatsu, leading to a production halt. Toyota slipped 0.34 per cent, Nissan slid 1.93 per cent, and Mazda sank 2.35 per cent. Tiremaker Bridgestone dropped 1.02 per cent, making rubber companies the worst performers among the Tokyo Stock Exchange's 33 industry groups.

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On the positive side, the mining sector, including oil explorers, was the top-performing industry group, gaining 0.66 per cent. Oil and coal producers added 0.44 per cent.

(With Reuters inputs)
 

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Published December 26th, 2023 at 08:35 IST

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