Nikkei posts best weekly rise in 7 mths; Inpex tumbles

TOKYO, July 9 (BestGrowthStock) – Japan’s Nikkei average booked its
best weekly rise in seven months on Friday and market players
said more gains may be in store after it moved away from a
seven-month low and held above a key retracement support.

The benchmark Nikkei (.N225: ) added 0.5 percent to 9,585.32,
while the broader Topix (.TOPX: ) was flat at 861.21.

The Nikkei rose 4.1 percent this week, its best weekly
performance since December, as pessimism about the outlook for
the global economy subsided.

Inpex (1605.T: ), Japan’s top oil and gas explorer, ended the
day down 12.8 percent, after hitting an all-time low, and weighed
on the broader market after it said it would raise up to $6.7
billion via a global share offering, diluting the value of
existing shares by more than 50 percent.

The share sale is the biggest equity financing deal by a
non-financial company in Japan this year, according to research
company Dealogic. [ID:nTOE66706N]
(Reporting by Aiko Hayashi)

Nikkei posts best weekly rise in 7 mths; Inpex tumbles