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Market Update

Nikkei Halts Market Rally with 2.2% Plunge

Author: Hiruki Nakamura
Last Update: 10:27 AM ET December 10 2014

4:30 PM Tokyo Market averages in Tokyo plunged 2.2% after investors reacted to the growing political turmoil in the euro zone. Greece is likely to delay its exit from the bailout and may not meet the terms set by the troika of international lenders. Skymark and ANA may enter into a code share alliance.

Market indexes in Japan closed sharply lower after steady rise in the year and the recent decline in the yen was halted after investors sought the safe haven on the political turmoil in Greece.

Exporters and automakers led the decliners and tire makers also fell despite the recent plunge in oil prices are expected to cut raw material costs.

The Nikkei 225 Stock Average declined 400.80 or 2.2% to 17,412.58 and the broader Topix index dropped 29.26 or 2% to 1,406.83.

The yen slipped 1.7% to 119.04 against one dollar.

Stocks in Review

ANA Holdings Inc fell 1.7% to 296 yen after the airline said it would consider code-sharing alliance with the struggling rival Skymark Airlines Inc as early as three weeks.

The budget carrier is also seeking raise capital through a private stock offering to investment funds.

Shares of Skymark Airlines Inc surged 17.3% to 271 yen.

MonotaRO Co.,Ltd declined 3.9% to 2,571 yen after the industrial materials supplier said net sales in November surged 17.7% to 3.85 billion yen compared to 3.27 billion yen a year ago month but declined 7.4% to 4.16 billion yen in October.

Sugi Holdings Co., Ltd decreased 1.8% to 4,815 yen after the pharmaceutical, health food and cosmetics maker reported total pharmaceuticals sales in November climbed 4.4%.

TYO Inc slipped 1.1% to 178 yen after the television and marketing communication company said net sales in the first-quarter ending in October declined 8.6% to 5.30 billion yen from 5.80 billion yen a year ago period.

Net income in the quarter surged 62.3% to 207 million yen compared to 127 million yen and diluted earnings per share jumped to 3.25 yen from 2.03 yen in the same period a year ago.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc