Roundup: Nikkei gains 0.82 pct as oil prices rebound, Greek debt jitters ease

The Nikkei stock index gained 0.82 percent Friday following a strong lead from Wall Street, as oil prices rebounded and concerns about Greece's debt eased on commitments made by the European Central Bank (ECB) that emergency funding will be made available to central and commercial banks.

The Nikkei 225 index gained 143.88 points to close the week at 17,648.50, while the broader Topix index of all first-section issues added 0.50 percent, or 7.08 points, to finish at 1,417.19.

Analysts here noted however that trade became muted later in the day, as market players' attention turned to the U.S. job market and the non-farm payrolls data due out later Friday, following disappointing data that was released midweek, which sparked mild concerns about the health of the world's largest economy.

"U.S. economic data has been coming in a little weak recently, so there's a chance the jobs report will miss expectations," said Soichiro Monji, chief strategist at Tokyo-based Daiwa SB Investments Ltd.

Prior to that, however, investor sentiment got a boost from West Texas Intermediate for March delivery, finishing up 2.03 U.S. dollars, or 4.2 percent, at 50.48 U.S. dollars per barrel, sending Wall Street shares higher overnight, aided by benchmark Brent crude futures settling up 2.41 U.S. dollars, or 4.5 percent, at 57. 57 U.S. dollars a barrel.

Local traders said that the rebound in oil prices has been a boon for markets, particularly when considering Brent sank almost 7 percent and WTI 9 percent on Wednesday, following the U.S. saying that its inventories rose 6.3 million barrels last week to log record highs. The rise in stockpile halted a four-day rally that had seen prices jump by around 20 percent, following rigs being idled and layoffs being made.

Brokers also said that concerns about Greece's debt crisis eased after the European Central Bank (ECB) on Wednesday said that Athens would not be allowed to exchange its debt for growth-linked bonds, but shifted its stance slightly on Thursday saying that Greek lenders would still be able to use their emergency liquidity assistance (ELA) program.

ELA takes the form of emergency loans given by national central banks in the eurozone to commercial banks who are struggling financially, such is the case in Greece.

All loan decisions are decided by the central banks, although the ECB also has to green light the loans and deem the circumstances to be "exceptional."

"I do not think the Greek problems will be a huge risk factor for Japan. The market is less likely to be seriously affected by the Greek debt crisis if it does not spread to other countries," Nobuyuki Fujimoto, a market analyst at SBI Securities Co. was quoted as saying.

Oil firms found traction Friday on rising prices and explorer Inpex gained 0.88 percent to 1,372 yen and JX Holdings jumped 4 percent to 473 yen. Japan Petroleum Exploration Co., meanwhile, added 2.3 percent to 3,755 yen.

Nisshin Steel was also a notable gainer, surging 19 percent to 1,433 yen, following the firm raising its full-year net income forecast by 23 percent to 16 billion yen.

But Optics and imaging equipment maker Nikon fell 5.5 percent to 1,467 yen, as the firm cut its full-year net-income forecast by 47 percent to 20 billion yen.

Suzuki Motor also closed lower, skidding down 5.8 percent to 3, 439.5 yen, as it cut its full-year net-income forecast by 8.7 percent to 105 billion yen.

Mobile game maker DeNA also closed in negative territory on the last trading day of the week, tumbling 8 percent to 1,414 yen, after announcing its net profit will likely decline in the year to March.

Trading volume on Friday fell to 2.21 billion shares on the Tokyo Exchange's First Section, down from Thursday's volume of 2. 64 billion shares, with advancing issues outnumbering declining ones by 1,020 to 704. Endi