Nikkei edges down but buoyed by Matsushita

Written by Reuters | Tokyo, April 30: | Updated: Apr 30 2008, 13:52pm hrs
Japan's Nikkei stock average was down 0.1 percent on Wednesday, dragged lower by oil-related shares as oil prices slid but buoyed by Matsushita Electric Industrial Co, which surged to its highest level this year.

Panasonic maker Matsushita posted on Monday a 15 percent rise in quarterly operating profit thanks to brisk sales of flat TVs, and forecast a larger-than-expected gain this year, with its mobile phones and DVD recorders also selling well.

The Nikkei shed 10.88 points to 13,883,49, while the broader Topix was nearly flat at 1,361.27 after seesaw trade that saw both briefly edge into positive territory.