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Stocks across Asia were on the upswing on Monday, although the direct impact of the French election was likely limited for major bourses in the region as a recovery in oil prices fuelled a rebound for energy stocks.
In Tokyo the Topix, back from a three-day market holiday, was making up for lost time with a rise of 1.8 per cent and gains across the board. Energy stocks were leading with a gain of 3 per cent thanks to rising crude prices, with financials and real estate stocks up 2.4 per cent.
Sydney’s S&P/ASX 200 was up 0.6 per cent, driven by a 1.8 per cent gain from energy stocks and a 1.6 per cent rise from the materials segment. A plan by the government to scrap media ownership restraints, as well as a number of other changes including abolishing licence fees for broadcasters and restricting gambling advertising, gave a boost to Australian media stocks, with News Corp shares rising 2.5 per cent.
Hong Kong’s benchmark Hang Seng index was up 0.3 per cent as energy stocks rose 1.1 per cent. Shares in Tencent rallied, rising 1.4 per cent. they had closed Friday 0.3 per cent lower on continued fallout from the blocking of the company’s WeChat app ecosystem in Russia last week.