Friday, April 10, 2009

Nikkei Hits 3-Month Closing High, But Banks Tumble

. Friday, April 10, 2009

By stockOzone team

Japan's Nikkei stock average gained 0.5 percent on Friday, hitting a three-month closing high, though Mizuho Financial Group (8411.T) and other banks tumbled as worries about bank shareholding losses reignited.

Sumitomo Mitsui Financial Group (8316.T), Japan's third-largest bank, went untraded after it said it faces a net loss of $3.9 billion for the financial year just ended and will raise as much as $8 billion through the sale of shares. [ID:nT318023]

The benchmark Nikkei .N225 gained 48.05 points to 8,964.11 after a day of see-saw trade that saw it venture into negative territory. But it gained 2.4 percent on the week for its fifth successive week of gains, the first such run in nearly a year.

The broader Topix rose 0.5 percent to 845.95.

Disclosure: Author does not own any of the stocks discussed here.

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