Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Nikkei ends flat; startup Mercari jumps on first annual profit outlook

06/24/2021 | 02:39am EDT
Men holding umbrellas walk in front of an electric board showing Nikkei index at a brokerage in Tokyo

TOKYO (Reuters) - Japanese shares were flat on Thursday as uncertainty over domestic corporate earnings kept investors on the sidelines, while Mercari jumped after the technology startup forecast its first annual net profit.

Nikkei share average was flat at 28,875.23, while the broader Topix slipped 0.10% to 1,947.10.

"U.S. inflation could stay at high levels, so we will need more data on inflation, wages and employment. And, quarterly earnings will be a few weeks away, the market is running out of trading factors," Nobuhiko Kuramochi, senior strategist at Mizuho Securities, said.

Two Fed officials said a period of high inflation in the United States could last longer than anticipated, a day after Fed Chair Jerome Powell played down rising price pressures.

Many hospitality-related shares, which led index's gains before the Fed meeting outcome, have now succumbed to profit-taking, weighed also by concerns about a spike in COVID-19 cases after the government eased social restrictions last week.

West Japan Railway fell 2.7% while department store operators Isetan Mitsukoshi and Takashimaya lost 3.2% and 2.1%, respectively.

Sumitomo Forestry shed 0.8% after the company announced a plan to sell new 16 million shares, which amount to 8.7% of its existing shares to raise up to 37.1 billion yen ($334.32 million).

Toshiba erased early losses to close 0.1% flat after financial magazine Diamond reported Kioxia Holdings Corp, formerly known as Toshiba Memory, in which Toshiba holds a 40.6% stake, plans to list as early as in September.

Some growth shares outperformed after U.S. tech stocks hit a record high overnight.

Softbank gained 2.2% following solid gains in U.S. tech shares.

Mercari jumped 8.5% after the flea market app operator ramped up its outlook to forecast a net annual profit of 5 billion yen, its first annual profit since its listing in June 2018.

Eisai gained 1.5% after the drugmaker said U.S. regulator had granted breakthrough therapy designation to their experimental therapy, lecanemab, for patients with early Alzheimer's.

($1 = 110.97 yen)

(Reporting by Hideyuki Sano, Editing by Sherry Jacob-Phillips)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.12% 0.73701 Delayed Quote.-4.47%
BRITISH POUND / US DOLLAR (GBP/USD) -0.12% 1.37556 Delayed Quote.0.27%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.06% 0.7949 Delayed Quote.1.25%
EURO / US DOLLAR (EUR/USD) -0.02% 1.17698 Delayed Quote.-3.46%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.01% 0.013434 Delayed Quote.-1.95%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.04% 0.69808 Delayed Quote.-3.07%
NIKKEI 225 0.58% 27548 Real-time Quote.-0.20%
Latest news "Economy & Forex"
02:21pWall Street extends rally, S&P, Nasdaq on course for record closing highs
02:13pWall St Week Ahead-Big tech companies retake market reins with earnings on tap
02:13pWall Street extends rally, S&P, Nasdaq on course for record closing highs
01:50pIntel, TI split leaves chip outlook in doubt
01:50pIntel, TI split leaves chip outlook in doubt
01:48pEnergy trader Vitol hands record $2.9 bln payout to its traders - Bloomberg News
01:45pGoldman Sachs settling crypto ETPs in Europe - Coindesk
01:42pGsk - expects record supply of more than 50 million doses of its influenza vaccine for the 2021-2022 season to the u.s. market
01:41pGsk - increases its volume of influenza vaccines in 2021
01:41pGsk - started shipping its quadrivalent influenza vaccines to us healthcare providers and pharmacies for the 2021-22 flu season
Latest news "Economy & Forex"