19 May '11, 2am

Nikkei gains on commodities rally, shrugs off GDP fall

* GDP figures without major market impact * Miners, resource stocks gain on commodities rebound * Nikkei resistance looms around 9,750 - analyst TOKYO, May 19 (Reuters) - The Nikkei average rose for a third straight day on Thursday led by miners and other resource-related stocks on a rebound in commodity prices, shrugging off data showing Japan's economy had shrunk more than expected due to the devastating March earthquake. Market players said that the impact on stocks was limited after the government announced Japan's gross domestic product had contracted 0.9 percent in the first quarter, much more than a median market forecast for a 0.5 percent drop, and that stocks would hold on to early gains. But they said further rapid gains were also unlikely, as the outlook after the March 11 quake for many Japanese companies remains unclear, while investors are jittery about the i...

Full article: http://sg.news.yahoo.com/nikkei-gains-rises-oil-dells-ear...

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