Nikkei ends 2-day losing run, Nissan sags 10 pct after guidance cut Japans Nikkei average edged higher on Tuesday, ending a two-day losing run as gains made by companies such as farm equipment maker Kubota Corp after lifting earnings forecasts countered Nissan Motor Co Ltds plunge on weaker guidance. Gains in index heavyweight SoftBank Corp, a follow-through from last weeks strong results, also supported the Nikkei which was up 0.2 percent at 14,225.37 after losing 2.1 percent in the previous two sessions. Nissan, the second-most traded counter on the main board by turnover, sank 10.4 percent, hitting a seven-month low and wiping about $4.5 billion off its market capitalisation. The carmaker cut its annual net profit estimate for the year ending March 2014 by 15 percent to 355 billion yen ($3.6 billion) after market close on Friday, facing a slowdown in emerging markets and quality issues. Japanese markets were closed for a public holiday on Monday. Kubota climbed 7.9 percent, however, after it lifted its six-month earnings forecast by 28 percent to 100 billion yen, while ball bearing market Minebea Co Ltd, which also raised its earnings guidance, jumped nearly 17 percent. The broader Topix index was little changed at 1,182.58, with 2.63 billion shares changing hands, down from last weeks daily average of 2.85 billion.
Posted on: Tue, 05 Nov 2013 06:18:29 +0000
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