Nikkei Extends Weekly Losses on Global Growth Worries

Hiruki Nakamura
06 Jan, 2016
New York City

Nikkei in Tokyo extended weekly losses and the yen advanced on the rising geopolitical tensions and the increased global growth worries. The delivery services provider Ait Corp eased after revenues in the third quarter slipped 1.3%.

[R]4:30 PM Tokyo – Nikkei in Tokyo extended weekly losses and the yen advanced on the rising geopolitical tensions and the increased global growth worries. The delivery services provider Ait Corp eased after revenues in the third quarter slipped 1.3%.[/R]

Stocks in Asia remained weak for the third day in a row and the Nikkei average in Tokyo extended weekly losses.

The Nikkei 225 Stock Average dropped 182.68 or 1% to 18,191.32 and the broader Topix index slipped 15.87 to 1,488.84.

The yen advanced against the U.S. dollar to 118.68.

Stocks in Review

Ait Corporation decreased 2% to 1,158 yen after the cargo delivery services provider said net sales in the third-quarter ending in November slipped 1.3% from a year ago to 16.04 billion yen.

Net income in the quarter soared 11.4% to 834 million yen compared to 749 million yen and earnings per share rose to 43.68 yen from 39.19 yen in the same period a year ago.

For the year, the company forecasted net sales to jump 11.5% to 24.47 billion yen and net income to advance 10.1% to 1.13 billion yen.

Renesas Electronics Corporation jumped 3.9% to 776 yen after the Kyodo News reported the government-backed fund may sell part of its stake in the microchip maker to Sony Corporation.

The Innovation Network Corporation of Japan is in talks with Sony to sell all or part of its 69% stake in the company to exit from its investment of more than 130 billion yen made in 2013.

Sharp Corporation declined 3.3% to 118 yen after the Nikkei business daily said electric and electronic equipment maker is expected to book operating loss of 10 billion yen for the nine-months to December 2015.