Japan's Nikkei rallies for fourth day, Dai Nippon Printing tops gains

Reuters

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    By Kevin Buckland
       TOKYO, Jan 25 (Reuters) - Japan's Nikkei share average
rose on Wednesday, extending its rally to a fourth session,
although gains were subdued following a surge above the
psychological 27,000 level in the previous session as earnings
season got underway.
    Automotive battery component supplier Dai Nippon Printing
 7912.T  soared 13% to top the leaderboard, following media
reports that activist investor Elliott Management had taken a
large stake.
    Suzuki Motor was another big gainer, after its India unit
Maruti Suzuki's  MRTI.NS  quarterly profit more than doubled.
    At the bottom though, was motor maker Nidec, which tumbled
after almost halving its forecast profit in an inauspicious
start to Japan's earnings season.
    The Nikkei  .N225  ended the morning session up 0.11% at
27,299.19, not far from the session high. However, it failed to
reach the five-week high of 27,381.00 hit on Tuesday.
    The broader Topix  .TOPX  added 0.19% to 1,976.62.
    "To be honest, I hadn't expected the Nikkei to top 27,000
yesterday," Kazuo Kamitani, an equity strategist at Nomura, said
in a conference call with journalists.
    "These last three days, the Nikkei has risen quite a lot, so
there is a feeling like it might be a bit overheated," he added.
"The remainder of this week, the topside is likely to be heavy."
    Of the Nikkei's 225 components, 149 rose, 65 fell and 11
were flat.
    Dai Nippon Printing jumped 12.97%, also lifting peer Toppan
 7911.T , which advanced 5.18% to be the Nikkei's no. 2
performer.
    Suzuki  7269.T  was next with a 4.88% gain.
    By contrast, Nidec  6594.T  tumbled 5.39%, making it the
Nikkei's worst performer by a large margin.
    Semiconductor-related shares also did poorly, with
chip-testing-equipment maker Advantest  6857.T  sliding 1.61%.
    Other big name losers on the day included Toyota  7203.T 
and Sony  6758.T , which each shed about 0.5%. 
 (Editing by Rashmi Aich)
 ((Kevin.Buckland@thomsonreuters.com;))

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