Nikkei retreats as investors lock in gains ahead of holiday

  • Reuters
  • Stock Market News
Nikkei retreats as investors lock in gains ahead of holiday
Credit: © Reuters.

SYDNEY, April 28 (Reuters) - Japanese stocks slipped on Tuesday as investors booked profits after a sharp gain in the previous session, though a raft of solid corporate earnings and strong forecasts helped cap losses.

The benchmark Nikkei average .N225 was down 0.6% at 19,661.05 by midday break, a day after the index posted gains of 2.7% and ahead of the Showa Day holiday on Wednesday.

The Nikkei volatility index .JNIV , considered a fear gauge based on option pricing, dropped as much as 11.3% to a 1-1/2-month low of 30.9, reflecting a drop in market anxiety.

E-Mini futures for the S&P 500 ESc1 dipped 0.4% in Asian trade also created an extra headwind to Japanese shares.

Losses, however, were limited after companies reported better-than-expected earnings or forecasts.

Ibiden Co Ltd 4062.T soared 15.1% after the electronic components maker forecast a 37.2% increase in operating profit for the current business year through March 2021. Electronics Corp 6723.T jumped 7.7% after the maker of semiconductors for cars recorded a net profit of 11.3 billion yen ($105 million) for the January-March quarter - a positive surprise for many analysts. broader Topix .TOPX retreated 0.5% to 1,439.59 by the midday recess, with all but six of the 33 sector sub-indexes on the Tokyo exchange trading lower.

Highly cyclical iron and steel .ISTEL.T , mining .IMING.T and non-ferrous metals .INFRO.T were the three worst-performing sector sub-indexes on the main bourse.

Elsewhere, Miraca Holdings Inc 4544.T jumped 9% after the diagnostics and laboratory testing service provider's subsidiary Fujirebio applied for government approval for Japan's first antigen coronavirus testing kits. & Co Ltd 4507.T climbed 3.3% after the drug maker announced a plan to develop a vaccine for the coronavirus, with an aim to begin clinical trials later this year. = 107.2800 yen)

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100