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Nikkei ends 2-day losing run, Nissan sags 10 pct after guidance cut
November 5, 2013 / 6:15 AM / 4 years ago

Nikkei ends 2-day losing run, Nissan sags 10 pct after guidance cut

TOKYO, Nov 5 (Reuters) - Japan's 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 Ltd's plunge on
weaker guidance. 
    Gains in index heavyweight SoftBank Corp, a
follow-through from last week's 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
    The broader Topix index was little changed at
1,182.58, with 2.63 billion shares changing hands, down from
last week's daily average of 2.85 billion.

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