Nikkei halts its longest weekly gains

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Source: Dukascopy Bank SA
Japanese equities dropped, sending down the Nikkei 225 Stock average from its longest weakly gains since 1959 on growing concerns about the Eurozone recovery. The Nikkei 225 Index slumped 1.8% to 11,153.16, posting a 0.3% this week. All sectors in the gauge edged lower. Sony Corporation erased as much as 10.1% to 1,365 yen, the most in four years, as company posted losses for an eighth consecutive quarter, dampening hopes that the weakening Yen will boost company's earnings. Furthermore, Asahi Glass Co slumped 7% to pace losses in industrial shares that were 1.6% down after company said its profit for the year 2012 slid 54%. Meanwhile, Pioneer Corporation, which manufactures and sells audio and video equipment, lost 6.8% to 232 yen dragging down the consumer goods sector that slumped 2.1%. Among best performers was Mitsumi Electric Co Ltd that soared 10.7%, posting the biggest gain among all blue chip companies, capping further losses in technology shares that fell 2.3%. Furthermore, Sumitomo Metal Mining rose 7.1% and halted further declines in basic materials group, while Tokuyama Corporation gained 7% to 214 yen on speculation China will impose duties on importers.
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Fri, 08 Feb 2013 12:08:05 GMT

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