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Nikkei inches down as Nikon falls, Toyota eyedTOKYO, Feb 7 (Reuters) - The Nikkei average inched down 0.16 percent on Tuesday as investors sold firms whose quarterly earnings results failed to impress, such as Nikon Corp. (7731.T: Quote, Profile, Research).
But those with strong earnings, including Fujikura Ltd. (5803.T: Quote, Profile, Research), rose and Toyota Motor Corp. (7203.T: Quote, Profile, Research), the world's second-biggest auto maker, was flat ahead of its earnings announcement due after the market closes.
"External factors are out of the market's focus. Investors are now only interested in individual companies' earnings," said Susumu Abe, manager at Mito Securities' information and investment department. He added that Toyota's earnings could give the market a direction in coming days. "If Toyota unveils an outlook strong enough to impress, that would provide support to the market as a whole," he said.
The Nikkei <.N225> was down 26.24 points at 16,721.52 as of 0458 GMT. It had hit its highest close since August 2000 on Monday. The broader TOPIX index <.TOPX> was up 0.02 percent at 1,712.66. ... Nikon fell 5.9 percent to 2,085 yen. The precision equipment maker said after the market closed on Monday that its quarterly profit more than tripled year-on-year and raised its full-year forecast by 18 percent, but the results were in line with a company announcement in late January. Nikon had risen over 20 percent since the announcement.
Fujikura, an electric wire and cable maker, jumped 7.1 percent to 1,276 yen after lifting its dividend payment and full-year earnings forecast.
Toyota was up 0.2 percent at 6,130 yen. Toyota is expected to post higher profits in the latest quarter as sales raced ahead in overseas markets and a weaker yen boosted earnings made abroad.
Mitsui Mining & Smelting Co. Ltd. (5706.T: Quote, Profile, Research) sank 7.3 percent to 884 yen as the non-ferrous metal producer's third-quarter earnings results announced a day earlier fell short of analysts' expectations.
Toshiba Corp. (6502.T: Quote, Profile, Research) dipped 0.4 percent to 741 yen after the company on Monday agreed to buy Westinghouse, the U.S. power plant arm of British Nuclear Fuels, for $5.4 billion to bolster its position in the world's resurgent nuclear power industry. Concern that the acquisition might strain Toshiba's financial standing had pulled the shares as low as 684 yen after Toshiba was selected last month as the preferred bidder for Westinghouse.
Steel stocks gained amid continued hopes for growing demand of quality products. The sector (.ISTEL.T: Quote, Profile, Research), up 1.5 percent, was also helped by speculation about an industry shakeup, which reemerged after a German newspaper reported that U.S. Steel Corp. (X.N: Quote, Profile, Research) could be a takeover target of European manufacturer Arcelor (CELR.PA: Quote, Profile, Research).
Sumitomo Metal Industries Ltd. (5405.T: Quote, Profile, Research), Japan's third-biggest steel maker, was up 2.4 percent at 508 yen and industry leader Nippon Steel Corp. (5401.T: Quote, Profile, Research) gained 0.7 percent to 438 yen. ...more...
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