Monday, December 26, 2011

Nikkei breaks above 25-day average in thin trade

Japan's Nikkei average rose today to breach its 25-day moving average in thin trade after upbeat US housing data and a two-month extension of the US payroll tax cut gave temporary relief to market participants.

Trading volume on Tokyo's main board hit a fresh low for the year, with just 904.2 million shares changing hands, while many global markets, including the United States, Europe and Hong Kong, were closed for extended Christmas holidays.

The Nikkei was up 1% at 8,479.34, trading above its 25-day moving average at 8,459. The broader Topix index added 0.5% to 726.44.