Stocks

Nikkei sags as automakers slip on softer US sales

Reuters TOKYO | Updated on May 02, 2018 Published on May 02, 2018

The Nikkei was 0.24 per cent lower at 22,454.91. File Photo   -  Reuters

Technology firms were buoyant after Apple Inc's March quarter results topped Wall Street forecasts

Japan's Nikkei share average dipped on Wednesday, weighed by weaker automakers, although the dollar's rise to three-month highs versus the yen and positive sentiment toward tech stocks helped curb some of the losses.

The Nikkei was 0.24 per cent lower at 22,454.91 and the broader Topix dropped 0.25 per cent to 1,769.72. Automakers slipped after several posted weaker new US vehicle sales in April with consumer demand in the world's largest economy continuing to soften.

Toyota Motor Corp, which posted a 4.7 per cent decline in April US sales, slipped 0.6 per cent. Nissan Motor Co fell 1.2 per cent after its April US sales fell 28 per cent and Honda Motor Co was down 2.1 per cent after its April US sales declined 9.2 per cent.

Technology firms were buoyant after Apple Inc's March quarter results topped Wall Street forecasts. Electronics parts manufacturer Murata Manufacturing Co gained 2.1 per cent, electronic material maker TDK Corp climbed 1.7 per cent and industrial tape and LCD manufacturer Nitto Denko Corp advanced 4 per cent.

A weaker yen also helped exporter stocks. Konica Minolta Inc was up 1.2 per cent. Chip equipment makers Tokyo Electron and Advantest Corp rose 0.4 per cent and 3.4 per cent, respectively. Japanese financial markets will be closed on Thursday and Friday for national holidays.

Published on May 02, 2018
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