Nikkei gains as Kyocera, Shin-Etsu rise

TOKYO, Apr 26 (Reuters) The Nikkei average rose 0.57 percent on Thursday, with shares of Kyocera Corp. and Shin-Etsu Chemical Co.

Ltd. gaining ground ahead of their earnings results.

Shares of Sony Corp. rose following a report that it will raise about 300 billion yen ( TOKYO, Apr 26 (Reuters) The Nikkei average rose 0.57 percent on Thursday, with shares of Kyocera Corp. and Shin-Etsu Chemical Co.

Ltd. gaining ground ahead of their earnings results.

Shares of Sony Corp. rose following a report that it will raise about 300 billion yen ($2.53 billion) for its mainstay electronics business by listing its financial unit.

But overall gains were likely to remain modest, due to concern that corporate profit forecasts were overly cautious, said Renji Motohashi, general manager of the equity department at Shinko Securities.

''Companies have so far given really conservative earnings forecasts. While a certain amount of caution was expected, this has disappointed investors,'' Motohashi said.

The Nikkei was up 97.76 points at 17,333.92 as of 0057 GMT.

The broad TOPIX index was up 0.28 percent at 1,692.12.

Shin-Etsu, a maker of silicon wafers, rose 3.1 percent to 7,680 yen. It is due to report its earnings results on Friday.

Kyocera, which makes electronics components, gained 1.7 percent to 11,690 yen. It reports its results on Thursday.

Sony was up 0.5 percent at 6,430 yen.

The company will sell at least 30 percent of Sony Financial Holdings in what will likely be Japan's biggest initial public offering this year, the Nikkei newspaper said.

REUTERS DKS BST0716 .53 billion) for its mainstay electronics business by listing its financial unit.

But overall gains were likely to remain modest, due to concern that corporate profit forecasts were overly cautious, said Renji Motohashi, general manager of the equity department at Shinko Securities.

''Companies have so far given really conservative earnings forecasts. While a certain amount of caution was expected, this has disappointed investors,'' Motohashi said.

The Nikkei was up 97.76 points at 17,333.92 as of 0057 GMT.

The broad TOPIX index was up 0.28 percent at 1,692.12.

Shin-Etsu, a maker of silicon wafers, rose 3.1 percent to 7,680 yen. It is due to report its earnings results on Friday.

Kyocera, which makes electronics components, gained 1.7 percent to 11,690 yen. It reports its results on Thursday.

Sony was up 0.5 percent at 6,430 yen.

The company will sell at least 30 percent of Sony Financial Holdings in what will likely be Japan's biggest initial public offering this year, the Nikkei newspaper said.

REUTERS DKS BST0716