February 14, 2017 / 6:22 AM / 5 months ago

Nikkei drops as sentiment sours after Toshiba delays earnings release

2 Min Read

TOKYO, Feb 14 (Reuters) - Japanese stocks fell more than 1 percent on Tuesday, with investor sentiment soured after Toshiba Corp delayed its earnings release, including details of a multibillion dollar charge related to cost overruns at its U.S. nuclear arm.

The mood was also hurt by the dollar's weakening after President Donald Trump's national security adviser Michael Flynn quit.

The Nikkei share average dropped 1.1 percent to 19,238.98 points.

Toshiba's stock nosedived 8 percent after it announced during the midday market recess that it would delay its earnings release, which was originally scheduled for 0300 GMT.

"The delay shows that the company is in a mess," said Makoto Kikuchi, chief executive of Myojo Asset Management.

"We can assume that the company is not delaying its earnings release for good news. The market speculates that Toshiba will be releasing figures worse than what is being reported already."

The broader Topix dropped 1.0 percent to 1,539.12 and the JPX-Nikkei Index 400 fell 1.1 percent to 13,794.36. (Reporting by Ayai Tomisawa; Editing by Kim Coghill)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below