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Nikkei down 1.3 pct, goes negative for the year

Thu Mar 1, 2007 9:11pm EST

Stocks

   

(Updates to midsession)

TOKYO, March 2 (Reuters) - The Nikkei average slid 1.33 percent on Friday morning, erasing its gains for the year as investors remained cautious after a global market sell-off and continued strength in the yen.

Nippon Telegraph and Telephone Corp. (9432.T) fell more than 3 percent. The company's fixed-line units expect current profit to fall by half next business year.

The Nikkei .N225 was down 232.85 points at 17,220.66 by the close of the morning session, putting the benchmark average in negative territory for 2007.

The broad TOPIX was down 1.16 percent at 1,719.92.



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