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Nikkei edges up; eyes on Nippon Oil, Suzuki Motor

Published 06/25/2009, 08:11 PM
Updated 06/25/2009, 08:25 PM

TOKYO, June 26 (Reuters) - Japan's Nikkei stock average edged up 0.5 percent on Friday, with resource shares such as trading house Mitsubishi Corp gaining in the wake of oil and metals price rises. Nippon Oil Corp was untraded due to a glut of buy orders after a newspaper reported that it and other Japanese companies are in the final stage of talks with Iraq to win the development contract for Iraq's huge Nassiriya oilfield.

Suzuki Motor was also untraded and awash with buy orders after a source familiar with the matter said Volkswagen is exploring a potential cooperation deal with Suzuki as a way to boost its expertise in the area of ultra small cars.

The benchmark Nikkei gained 57.29 points to 9,853.37, while the broader Topix rose 0.8 percent to 926.88. (Reporting by Elaine Lies)

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