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Japan's Nikkei steady, Nikon jumps on results
May 11, 2012 / 2:27 AM / in 6 years

Japan's Nikkei steady, Nikon jumps on results

TOKYO, May 11 (Reuters) - The Nikkei share average steadied 
o n Friday ahead of industrial output data from China, Japan's
largest export market, though investors zoomed in on companies
such as Nikon Corp and Hitachi Corp which have
reported positive earnings.	
    Japanese companies, whose earnings have been hurt by last
year's supply disruption after the March 2011 earthquake and
tsunami, and floods in Thailand, have shown some improvement in
their earnings outlook, partly helping the stock market.	
    "There has been nothing so out of line that causes complete
mayhem," said a Tokyo-based analyst, who declined to be
identified, referring to the earnings guidance given by Japanese
firms so far this results season.	
    The Nikkei was flat at 9,008.10, holding below its
200-day moving average near 9,049.	
    The index is down 4 percent this week, on track for the
sixth straight weekly loss, as concerns over slowing global
growth and the euro zone debt crisis prompted investors to cash
in gains after the benchmark rallied more than 19 percent in
January-March to log its best first quarter rise in 24 years.	
    Nikon surged 7.8 percent after the camera maker's 2011/12
operating profit beat its own forecast and a dealer said its
forecast for this business year looked conservative and the
company should "shoot the lights out of the guidance."	
    Office equipment maker Konica Minolta Holdings 
forecast an operating profit of 48 billion yen operating profit,
 beating market consensus of 47 billion yen. The stock jumped
6.8 percent.	
    The broader Topix slipped 0.3 percent to 763.01.	
    Hitachi's operating profit for the year ended March also
came in ahead of its forecast and its estimate for this
financial year was largely in line with market expectations.
Shares of the electrical machinery maker climbed 2.1 percent.	
    Of the 122 Nikkei companies that have so far reported
January-March results, 59 percent of them either beat or met
market expectations, Thomson Reuters StarMine data showed.	
    Sony Corp dropped 3.5 percent, however, with
traders saying the company's results were weak.	
    "I didn't see anything positive in there," a trader at a
U.S. bank said. "There is really nothing in there that can
justify buying the stock."	
    "You see the loss narrowing in the TV business. That's fine,
but I don't see any future in the TV business, so it doesn't
matter what they do."	
    He said its forecast of shipping 33 million smartphone
handsets in the business year looked vulnerable because its
supplier Qualcomm faced capacity constraints and its
main priority was to supply Apple, which means Sony may
not secure enough chips for its smartphones.

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