Sell orders flood Mitsubishi shares

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Mitsubishi logo Image copyright Reuters

Japanese investors are waiting in line to sell off more shares of Japanese automaker Mitsubishi Motors.

In early Thursday trade in Tokyo, Mitsubishi Motors shares were not able to trade as there were about 10 times as many sell orders as there were bids.

According to Reuters, they have been indicated below the record low of 660 yen ($6; £4.22) a share, from the previous day close of 733 yen.

On Wednesday shares tanked by more than 15%.

That was as news emerged that Mitsubishi Motors had admitted falsifying fuel economy data for more than 600,000 vehicles sold in Japan.

In the broader Japanese market, the benchmark Nikkei 225 index jumped 1.66% at the open – or 280.73 points – to 17,187.27.

Mitsubishi fuel test furore

Over 600,000

vehicles sold in Japan had their fuel economy data falsified by Mitsubishi staff

  • 157,000 of the vehicles were Mitsubishi models

  • 468,000 of the vehicles were Nissan models made by Mitsubishi

  • 15% – the amount Mitsubishi shares fell by after the company's announcement

Reuters

US stocks closed higher overnight amid mixed earnings reports. Coca Cola reported a fall in quarterly profit. Yahoo revealed a $99m loss in the first quarter. And chipmaker Intel announced it was cutting 11% of its workforce.

At the end of the trading day:

  • The Dow Jones was up 42.67 at 18,096.27
  • The S&P 500 added 1.60 points to 2,102.40
  • The tech-heavy Nasdaq index rose 3.35 points to 4,540.44

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