Global Markets Weekend Wrap - NZ Ends Week on a High

Date: 24 July 2006
Source: Radionz.co.nz

Date: 24 July 2006

Nikkei posts first weekly loss in four weeksThe Nikkei share average fell 0.09% on Friday, posting the first weekly loss in four weeks, as investors took profits in Kyocera Corp and other recent gainers ahead of U.

S. payroll data due later in the day.Softbank Corp led the drop, plunging after a bearish report from Merrill Lynch while Nippon Sheet Glass Co.Ltd. tumbled after the flat-glass maker's earnings forecast disappointed investors.

The Nikkei edged down 13.79 points to 15,307.61. On the week the benchmark lost 1.3%, the first weekly loss since the second week of June. The broader TOPIX index was up 0.05% at 1,573.15.

The Bank of Japan's policy-setting meeting is also next week, which is another reason for investors to hold back, Tsutomu Yamada, a market analyst at Kabu.com Securities Co.

Many market players expect the Japanese central bank to lift interest rates from zero for the first time in six years at the July 13-14 meeting.

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