Wednesday, December 28, 2011

Nikkei edges up, 25-day moving average eyed

TOKYO (Dec 28): Japan's Nikkei average ticked up in early trade on Wednesday, though Tokyo Electric Power Co underperformed the broader market after Japan's trade minister urged the troubled utility to consider temporarily going under state control.

The Nikkei was up 0.2 percent at 8,456.33, though it was still trapped between its 25-day moving average at 8,465.8 and the 50 percent retracement of its rally from late November to early December at 8,431.

The broader Topix index added 0.1 percent to 724.76.

Tepco shares shed more than 7 percent to 196 yen. - Reuters

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