February 9, 2018 / 6:17 AM / 10 days ago

Nikkei slides in broad global selloff; Nissan hit by lower profit

TOKYO, Feb 9 (Reuters) - Japan’s Nikkei share average tumbled on Friday after another torrid day for Wall Street, with oil-related stocks leading the broad declines as crude prices slumped.

The Nikkei finished down 2.3 percent at 21,382.62 bringing its weekly loss to 8.1 percent.

The broader Topix was 1.9 percent lower at 1,731.97, down 7.1 percent for the week.

On Tuesday, Japanese stocks suffered their biggest point drop since June 2016, with the Nikkei shedding 4.7 percent.

Decliners outnumbered advancers 524 to 117 on Friday, with 33 unchanged. All sectors were in the red.

The oil and coal sector was down 4.9 percent, while the mining sector shed 5.4 percent.

Oil prices fell for a sixth day on Friday after Iran announced plans to boost production and U.S. crude output hit record highs, adding to concerns about a sharp rise in global supplies.

Nissan Motor Co shares slid 3.1 percent after the automaker said on Thursday that its third-quarter operating profit halved, weighed by costs stemming from improper final inspection procedures at home, and higher discounts in the United States

Shares of Nikon Corp provided a rare bright spot, up 3 percent a day after the company posted upbeat earnings and forecasts.

Shares of Softbank Group Corp, Aeon Co Ltd and Yahoo Japan Corp all initially slipped in line with the broader market selloff, but pared losses after national broadcaster NHK reported that the three companies will launch an online retail business.

Softbank ended with a 0.4 percent gain and Aeon ended down 0.1 percent. (Reporting by Lisa Twaronite Editing by Shri Navaratnam)

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