Asia report: Most markets rise after modest oil price gains

Most Asian markets brushed off Wall Street’s weaker Wednesday session to close higher on Thursday, with oil prices giving energy stocks a small boost.

In Japan, the Nikkei 225 was ahead 1.47% at 22,351.12, as the yen weakened 0.23% against the dollar to last trade at JPY 113.14.

Financials, retail stocks and the big technology names helped the Tokyo benchmark to snap its losing streak, with Fast Retailing ahead 1.42%, Nintendo adding 3.95% and SoftBank rising 2.21%.

On the mainland, the Shanghai Composite fell 0.08% to 3,399.86, and the smaller, technology-heavy Shenzhen Composite rose 0.23% to 2,010.13.

South Korea’s Kospi was up 0.66% at 2,534.79, while the Hang Seng Index in Hong Kong was ahead 0.58% at 29,018.76.

Manufacturers and blue-chip technology stocks were higher in Seoul, with Samsung Electronics tacking on 0.87%.

Attention did turn across the Pacific early in the Asian session, after the US consumer price index eked out gains of just 0.1% in October, compared to the 0.5% rise seen in September.

Retail sales beat expectations stateside, however, rising 0.2% in October, compared to a Reuters-polled forecast for the reading to remain flat.

Oil prices were higher during Asian trading, though they turned negative as Europe took the trading baton, with Brent crude last down 0.29% at $61.69 per barrel and West Texas Intermediate off 0.18% at $55.23.

In Australia, the S&P/ASX 200 added 0.16% to settle at 5,943.51, lifted higher by a 0.13% rise in the hefty financials subindex, as the energy sector leapt 1.89% on the back of the modest oil price gains.

Real estate marketing platform Domain debuted on the ASX on Thursday, after being spun out from news publishing giant Fairfax.

Fairfax shares finished 7.67% higher, having plunged more than 30% early in the session.

Energy firm Santos was ahead 13.01%, after it confirmed reports that it had rejected a takeover attempt from Harbour Energy in August, rumoured to be worth AUD 11bn.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 broke back through the 8,000 level, rising 0.4% to close at 8,034.70.

Outdoor equipment brand Kathmandu led the benchmark higher, adding 2.5%, while fuel refiner and retailer Z Energy rose 2.4% and Metro Performance Glass was 2.3% higher.

Both of the down under dollars were weaker on the greenback, with the Aussie off just 0.01% at AUD 1.3177 and the Kiwi retreating 0.55% to NZD 1.4621.