Nikkei edged higher, underpinned by earnings

  • Reuters
  • Stock Market News
Nikkei edged higher, underpinned by earnings

* Japanese shares shrug off Wall Street weakness

* Daiwa Securities, Fanuc among gainers

By Lisa Twaronite

TOKYO, Oct 26 (Reuters) - Japan's Nikkei share average edged up on Thursday, lifted by shares backed by strong earnings and shrugging off Wall Street weakness.

The Nikkei .N225 was 0.2 percent higher at the end of morning trading at 21,742.98.

On Wednesday, the Nikkei ended lower, snapping an unprecedented 16-day rising streak.

"Japanese stocks had such a rapid ascent in October that it's normal for some adjustment to the pace of gains, even if investors believe there is further upside," said Ayako Sera, senior market economist at Sumitomo Mitsui Trust.

Against the yen, the dollar stuck to recent ranges, down 0.2 percent at 113.53 yen JPY= , below a three-month high of 114.245 yen touched on Wednesday. FRX/

On Wednesday, U.S. stocks slipped, with the Dow Jones Industrial Average .DJI and S&P 500 .SPX suffering their worst day in seven weeks, on a batch of soft quarterly earnings and a rise in U.S. Treasury yields to seven-month highs. .N

Fanuc Corp 6954.T was up 2.3 percent after hitting more than two-year highs. The industrial robot maker posted upbeat earnings and said on Wednesday it expects to post net profit of 164.90 billion yen ($1.45 billion) in the full year through March 31, 2018, up from its previous estimate of 131.50 billion yen. Corp 6752.T shares rose 1.8 percent to touch more than two-year highs. The electronics giant will simultaneously increase its lithium battery production in Japan, China, and the United States, Nikkei reported. Securities Group 8601.T jumped 4.9 percent after posting higher operating and recurring half-year profit and announcing a share buyback. helped boost the securities subindex .ISECU.T 2.3 percent.

But Advantest Corp 6857.T skidded 4.1 percent after the chip-making equipment maker cut its net profit outlook for the fiscal year ending March 2018 to 14.5 billion yen from 15 billion yen.

The broader Topix .TOPX edged up 0.1 percent to 1,752.79, while the JPX-Nikkei Index 400 .JPXNK400 also rose 0.1 percent to 15,522.93.

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