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Nikkei slips below 25-day average, materials sag
December 6, 2017 / 2:17 AM / 6 days ago

Nikkei slips below 25-day average, materials sag

TOKYO, Dec 6 (Reuters) - Japan’s Nikkei share average dropped on Wednesday, falling below its 25-day moving average almost for the first time since September, as materials, shippers and other cyclical shares came under pressure.

The Nikkei fell 0.7 percent to 22,456.11, slipping further from Friday’s three-week peak of 22,994.31 and below its 25-day average of 22,525 as of Wednesday.

Non-ferrous metals producers were the biggest losers, falling 1.8 percent after the price of copper dropped more than 4 percent on Tuesday, its biggest daily fall in almost 2 1/2 years. Among them, Sumitomo Metal Mining fell 2.3 percent.

Shippers fell 1.5 percent and steelmakers shed 1.2 percent.

Recently-battered technology shares were mixed. Silicon wafer manufacturer Sumco gained 2.1 percent but Panasonic fell 1.0 percent to hit a two-month low.

The broader Topix fell 0.4 percent. (Reporting by Hideyuki Sano; Editing by Eric Meijer)

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