Japan's Nikkei ends slightly higher; dim corporate outlook dulls Sony's shine

Daikin Industries

11/11/2024 07:09

(Updates at 0630 GMT)
       TOKYO, Nov 11 (Reuters) - Japan's Nikkei share average
ended slightly higher on Monday, as gains were capped by
domestic firms' dim forecasts, with Sony soaring on 73% rise in
its quarterly profit.
    The Nikkei  .N225  ended 0.08% higher at 39,533.32, while
the broader Topix  .TOPX  inched down 0.09% at 2,739.68.
    "A significant number of companies revised down their
outlook. That negative surprise has made investors cautious
about buying local stocks," said Shigetoshi Kamada, general
manager at the research department at Tachibana Securities.
    "The market is awaiting the outcome of SoftBank (Group) and
banks to confirm the outlook trend."
    Results of Honda Motor  7267.T , which reported a surprise
15% drop in second-quarter operating profit last week, was
particularly a big surprise, said Kamada. The stock slipped
0.14% on Monday.
    Nissan  7201.T  fell for a second session, falling 4.31%
after announcing last week it would cut 9,000 jobs and 20% of
its manufacturing capacity as it struggles with sales in China
and the United States.
    Toyota  7203.T  slipped 0.34%.
    Sony  6758.T  jumped 6% after the audio equipment and game
maker's operating profit rose 73% in the July-September quarter.
    Home appliances retailer Nojima  7419.T  jumped 4.63% after
announcing it would buy Vaio, a computer business originally
owned by Sony, from an investment fund Japan Industrial
Partners.
    Suzuki Motor  7269.T  added 4.39% after raising its annual
operating and net profit forecasts for the year to March 2025.
    Home security services provider Secom  9735.T  fell 4.97% to
drag the Nikkei the most. Air conditioner maker Daikin
Industries  6367.T  shed 2.71%.
    Of more than 1,600 stocks trading on the Tokyo Stock
Exchange's prime market, 42% rose, 55% fell and 2% traded flat.

 (Reporting by Junko Fujita; Editing by Sumana Nandy)
 ((junko.fujita@thomsonreuters.com;))