Asia report: Markets mixed as oil prices surge
Markets in Asia finished mixed on Thursday, with oil prices rising and technology stocks boosted by a solid earnings report from Samsung Electronics.
AUD/USD
$0.6493
03:08 24/04/24
GBP/NZD
NZD2.0957
03:07 24/04/24
Hang Seng
16,828.93
10:21 23/04/24
Nikkei 225
38,232.76
09:44 23/04/24
USD/JPY
¥154.8145
03:08 24/04/24
In Japan, the Nikkei 225 was up 0.46% at 22,319.61, as the yen strengthened 0.19% against the dollar to last trade at JPY 109.23.
The broader Topix was 0.25% higher by end-of-play in Tokyo, settling at 1,772.13.
Video games giant Nintendo said during the day that it expected operating profit to be up 26.7% for the year to 31 March, taking it to a nine-year high.
The company’s Switch console had maintained sales momentum throughout the year, according to reports.
Nintendo was expecting profit to reach JPY 225bn, up from JPY 177.56bn.
Shares in the company were down 2.03%, as the announcement was made after markets closed.
On the mainland, the Shanghai Composite fell 1.35% to 3,075.85, and the smaller, technology-heavy Shenzhen Composite slid 2.14% to 1,770.40.
South Korea’s Kospi was ahead 1.1% at 2,475.64, while the Hang Seng Index in Hong Kong lost 1.06% to 30,007.68.
Seoul blue-chip technology stock Samsung Electronics released its first quarter results during the session, confirming an operating profit of KRW 15.64trn for the three months to March.
That was in line with earlier projections for a 58% improvement year-on-year.
The company’s consolidated revenue for the period was KRW 15.64trn, which the board put down to its memory chip division and rising sales of its flagship smartphone, the Galaxy S9.
Shares in Samsung beat the wider markets in Korea, heading up 3.45%.
Crude prices rose throughout the session, with Brent last up 1.07% at $74.80 per barrel, and West Texas Intermediate rising 0.86% to $68.84.
“Oil prices rose as traders focused on French President Macron's attempts to broker a new nuclear agreement between the US and Iran,” noted ANZ Research’s David Plank.
In Australia, the S&P/ASX 200 returned from the one-day ANZAC Day holiday to fall 0.18% to 5,910.80.
The hefty financials sector was down 1.77% in Sydney, with all four of the major regional banks ending in the red.
Australia and New Zealand Banking Group was off 2.14%, Commonwealth Bank of Australia slipped 1.65%, National Australia Bank eased 2.1% and Westpac Banking Corporation slid 3.6%.
Across the Tasman Sea, the S&P/NZX 50 fell 0.1% to 8,282.04 as it too returned from the ANZAC Day off, led lower by Wellington-listed shares in Westpac Banking Corporation, which was down 3.4%.
Fellow Australasian bank Australia and New Zealand Banking Group was down 1.9%, while AMP eked out gains of 0.2%.
Both of the down under dollars were marginally stronger on the greenback, with the Aussie last ahead 0.04% at AUD 1.3215, and the Kiwi advancing 0.09% to NZD 1.4135.