Nikkei rises after S&P hits fresh high; Fanuc surges on strong earnings
* Index heavy Fanuc contributes 27 points, or more than a quarter of Nikkei gains * Advantest dives on worse-than-expected profits * For the week, Nikkei has risen 1.0 pct By Ayai Tomisawa TOKYO, July 25 (Reuters) - Japan's Nikkei share average rose on Friday after the S&P 500 set another record closing high and as index heavyweight Fanuc Corp jumped after reporting strong profits. The Nikkei rose 0.6 percent to 15,377.00 points by mid-morning, after falling 0.3 percent on the previous day. For the week, the index looked set to gain 1 percent. Industrial robot maker Fanuc soared 4.4 percent to 18,230 yen, the highest since May 1 and the second most traded stock by turnover after its net profit for the April-June quarter nearly doubled to 45.1 billion yen. It contributed a hefty 27 points to the Nikkei. "We are not seeing much activity on the broader market. Individual shares are moving based on their results and this trend may last during the earnings season," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. Fujito said that long-only investors have stayed on the sidelines as geopolitical concerns in Gaza and Ukraine have curbed their risk appetite. He also said that investors are waiting for more positive trading cues, after the International Monetary Fund cut its 2014 forecast for global economic growth. "The prospect for the global economy has not been too bad thanks to recently strong U.S. shares and China data, but we should not be overly optimistic," he said. Bucking the strength, Advantest Corp tumbled 8.0 percent to a two-month low after disappointing the market with worse-than-expected profits. Exporters were mostly in demand, with Sony Corp rising 2.3 percent, Panasonic Corp adding 1.2 percent and Nissan Motor Co gaining 0.3 percent. The broader Topix gained 0.4 percent, and the JPX-Nikkei Index 400 advanced 0.4 percent to 11,611.18. (Editing by Kim Coghill)
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