Nikkei seen moving little after nearing 7-yr high

TOKYO, Feb 27 (Reuters) The Nikkei average is seen moving little on Tuesday, with investors taking some profits after the benchmark's recent rally, which lifted it to its highest point in nearly seven years by the end of the previous session.

Shares of Nikko Cordial Corp. will continue to be a focus for the market. Mizuho Corporate Bank, an arm of Mizuho Financial Group Inc., may look to raise its stake in Nikko to about 20 percent from 4.9 percent now to counter a bid by Citigroup, the Yomiuri newspaper reported on Tuesday.

''We are likely to see advances trimmed by profit-taking,'' said Shinji Igarashi, equity manager at the sales department of Chuo Securities.

''However, there is also a feeling that the market will advance further in the long term,'' Igarashi said.

Nikkei futures pointed to little change in the market.

Contracts expiring in March finished at 18,235 in Chicago on Monday, up 5 points from the close in Osaka The Nikkei is likely to move between 18,100 and 18,300 on Tuesday, market sources said.

The benchmark on Monday rose 0.15 percent to its highest close in nearly seven years at 18,215.35.

U.S. stocks fell on Monday, with the Nasdaq composite index losing 0.42 percent.

STOCKS TO WATCH -- Toyota Motor Corp.

Japan's largest auto maker will likely invest 100 billion yen to build a sports utility vehicle assembly plant in the U.S.

state of Mississippi, the Nikkei business daily reported on Tuesday.

-- Fujitsu Ltd.

The company will reorganise its North American information services operations by bringing six different companies under its local unit, Fujitsu Consulting Inc., the Nikkei business daily said on Tuesday.

The reorganisation should double Fujitsu Consulting's sales to about 85 billion yen, the Nikkei said.

-- Fuji Heavy Industries Ltd.

The maker of Subaru cars said on Monday it would buy about 6,000 compact cars a year from Toyota Motor unit Daihatsu Motor Co. for sale in Europe starting this autumn.

-- Chugai Pharmaceutical Co. Ltd.

Swiss drugmaker Roche Holding AG said on Monday its Avastin drug had been recommended for use in Japan in patients with advanced or recurrent colorectal cancer. Approval is expected by mid-year, Roche said in a statement.

Roche said its Japanese partner Chugai had received a positive recommendation from the Japanese Ministry of Health, Labour and Welfare.

-- Nissan Motor Co.

Nissan Motor will join an alliance with India's Mahindra&Mahindra Ltd. and France's Renault SA to invest in a 5 million car project in India, the companies said in a joint statement on Monday.

-- Ishikawajima-Harima Heavy Industries Co. Ltd.

Ishikawajima-Harima Heavy said it forecast a dividend payment of 4 yen per share for the year to March, up from 2 yen a year earlier.

-- Rex Holdings Co. Ltd.

Rex, a restaurant operator conducting a management buyout with private equity firm Advantage Partners, said on Monday its 2006 loss would be bigger than expected due to weak sales and losses tied to writing down assets and closing stores.

-- Sumitomo Titanium Corp.

Sumitomo Titanium said on Monday it would spend an extra 4.3 billion yen to increase its annual output capacity for titanium sponge to 38,000 tonnes, adding to an expansion plan it announced in October.

-- McDonald's Holdings Co. (Japan) Mobile phone operator NTT DoCoMo Inc. and McDonald's Japan on Monday announced a business alliance under which DoCoMo will offer electronic payment services at McDonald's outlets.

-- Suzuken Co. Ltd.

The medicine wholesaler said on Monday that Senior Managing Director Hiroshi Ota would become the next president on April 1, replacing Yoshiki Bessho. It will be the first president change in 24 years and the first time a person outside the founding family will assume the top post.

REUTERS SBA RN0611