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MarketScreener Homepage  >  Indexes  >  Nikkei 225    N225   JP9010C00002


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Japanese shares trim early losses as upbeat earnings lift Canon

10/26/2020 | 10:06pm EST

TOKYO, Oct 27 (Reuters) - Japanese shares pared early losses on Tuesday as strong earnings from camera and copy machine maker Canon helped counter weakness in travel and real estate stocks following a lower finish on Wall Street.

After dropping as much as 1.1% in early trade, the Nikkei share average was down 0.28% at 23,428.70 by the midday break while the broader Topix lost 0.41% to 1,612.35.

The market got support from upbeat earnings reports, with Canon jumping 6.5% after raising its annual earnings outlook and legal portal service operator Bengo4.com reversing course to rise 6.5% on upbeat quarterly results.

Overall sentiment, however, was weaker after worries about rising coronavirus cases hit Wall Street overnight.

The airline index dropped 3.4% as investors focused on the kind of support airlines could get to survive the COVID-19 pandemic.

Japan Airline lost 3.2% as the Nikkei business daily reported it was likely to post a record net loss of about 230 billion yen ($2.20 billion) for the fiscal year ending March 2021. The company is also reportedly seeking 300 billion yen in funding.

Smaller peer Star Flyer lost as much as 7.0% after a report that it may sell new shares to a fund.

Railway operators also struggled, with West Japan Railway and Central Japan Railway falling 3.2% and 3.1%, respectively.

Real estate companies Mitsubishi Fudosan and Sumitomo Realty fell 3.5% and 2.0%, respectively.

The REIT (real estate investment trust) index fell to a three-month low before some bargain-hunting helped it erase losses to rise 0.6%.

Shares of Nidec, which have doubled from a low hit in March, dropped 1.8% even as the motor maker lifted its annual earnings estimate.

Nitto Denko also dipped 0.1% after solid earnings. (Reporting by Hideyuki Sano; Editing by Aditya Soni)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BENGO4.COM, INC. -1.07% 11120 End-of-day quote.93.39%
CANON INC. -0.77% 1944.5 End-of-day quote.-34.89%
CENTRAL JAPAN RAILWAY COMPANY -1.91% 14095 End-of-day quote.-35.93%
JAPAN AIRLINES CO., LTD. -7.99% 2038 End-of-day quote.-40.01%
MITSUI FUDOSAN CO., LTD. -0.44% 2259.5 End-of-day quote.-15.44%
NIDEC CORPORATION 4.85% 12650 End-of-day quote.68.61%
NIKKEI 225 1.34% 26787.54 Real-time Quote.12.63%
NITTO DENKO CORPORATION 0.35% 8530 End-of-day quote.38.03%
STAR FLYER INC. 0.81% 2250 End-of-day quote.-44.44%
SUMITOMO REALTY & DEVELOPMENT CO., LTD. 0.57% 3545 End-of-day quote.-7.00%
WEST JAPAN RAILWAY COMPANY -1.35% 5131 End-of-day quote.-45.65%
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