TOKYO, Jan 7 (Reuters) - The benchmark Nikkei average fell 0.1 percent, while the broader TOPIX rose 0.4 percent on Thursday.
The following stocks were on the move:
**CANON INC SLIDES AFTER BROKERAGE DOWNGRADE**
Canon shares declined 2.2 percent to 3,940 yen after Credit Suisse cut its rating on the stock to 'neutral' from 'outperform' and lowered its target price to 3,900 yen from 4,100 yen, saying the brokerage favours profit-taking in the stock for now.
'We are unlikely to see the emergence of an upside surprise capable of further boosting fundamentals, even with earnings looking set to continue recovering in FY12/10,' Credit Suisse analyst Kunihiko Kanno wrote in a client note.
'And the company could announce cautious FY12/10 guidance at end-January, which may fall short of the consensus outlook.'
0424 GMT
**RESOURCE SHARES UP ON METALS RISE, COPPER HITS 16-MTH HIGH**
Shares in trading house Mitsubishi Corp and other resource-related shares gained after metals prices rose on Wednesday. Copper hit a 16-month high after upbeat manufacturing and auto sales data earlier in the week added to signs of economic improvement and raised prospects for better demand for metals.
Aluminium climbed as well on supply concerns as harsh cold weather hit parts of China, while lead and zinc also rose to multimonth highs.
Sumitomo Metal Mining, a leading smelter, rose 1.6 percent to 1,468 yen, with fellow smelter Dowa Holdings gaining 3 percent to 551 yen. Mitsui Mining & Smelting surged 5.3 percent to 260 yen.
Mitsubishi rose 1 percent to 2,453 yen and fellow trading house Mitsui & Co gained 0.8 percent to 1,405 yen.
0016 GMT
**JAL FALLS AFTER REPORT OF $13.3 BLN ANNUAL LOSS**
Japan Airlines Corp fell 7.1 percent to 78 yen after the Nikkei newspaper said it might post a 1.23 trillion yen ($13.3 billion) loss this financial year under a government turnaround plan.
A source also said the struggling carrier could get a $3.3 billion lifeline from a state-backed fund if it files for bankruptcy.
0005 GMT
(Reporting by Tokyo newsroom)
((elaine.lies@thomsonreuters.com; +81 3 6441 1807; Reuters Messaging:elaine.lies.reuters.com@reuters.net))
Keywords: MARKETS JAPAN STOCKS HOT (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 * Reuters Plus: from your WebDSS screen For more information on Top News, visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The following stocks were on the move:
**CANON INC SLIDES AFTER BROKERAGE DOWNGRADE**
Canon shares declined 2.2 percent to 3,940 yen after Credit Suisse cut its rating on the stock to 'neutral' from 'outperform' and lowered its target price to 3,900 yen from 4,100 yen, saying the brokerage favours profit-taking in the stock for now.
'We are unlikely to see the emergence of an upside surprise capable of further boosting fundamentals, even with earnings looking set to continue recovering in FY12/10,' Credit Suisse analyst Kunihiko Kanno wrote in a client note.
'And the company could announce cautious FY12/10 guidance at end-January, which may fall short of the consensus outlook.'
0424 GMT
**RESOURCE SHARES UP ON METALS RISE, COPPER HITS 16-MTH HIGH**
Shares in trading house Mitsubishi Corp and other resource-related shares gained after metals prices rose on Wednesday. Copper hit a 16-month high after upbeat manufacturing and auto sales data earlier in the week added to signs of economic improvement and raised prospects for better demand for metals.
Aluminium climbed as well on supply concerns as harsh cold weather hit parts of China, while lead and zinc also rose to multimonth highs.
Sumitomo Metal Mining, a leading smelter, rose 1.6 percent to 1,468 yen, with fellow smelter Dowa Holdings gaining 3 percent to 551 yen. Mitsui Mining & Smelting surged 5.3 percent to 260 yen.
Mitsubishi rose 1 percent to 2,453 yen and fellow trading house Mitsui & Co gained 0.8 percent to 1,405 yen.
0016 GMT
**JAL FALLS AFTER REPORT OF $13.3 BLN ANNUAL LOSS**
Japan Airlines Corp fell 7.1 percent to 78 yen after the Nikkei newspaper said it might post a 1.23 trillion yen ($13.3 billion) loss this financial year under a government turnaround plan.
A source also said the struggling carrier could get a $3.3 billion lifeline from a state-backed fund if it files for bankruptcy.
0005 GMT
(Reporting by Tokyo newsroom)
((elaine.lies@thomsonreuters.com; +81 3 6441 1807; Reuters Messaging:elaine.lies.reuters.com@reuters.net))
Keywords: MARKETS JAPAN STOCKS HOT (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 * Reuters Plus: from your WebDSS screen For more information on Top News, visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2010 AFX News
