Equities were broadly higher in Asia as commodities prices bolstered stocks in Sydney and Hong Kong’s benchmark got a boost from Tencent, which climbed on the final pricing of its e-books spin off.
The Chinese tech conglomerate rose as much as 2.8 per cent on Tuesday after it announced China Literature had priced at the top of its share price range and was set to bring in $1.1bn with its listing on Wednesday. The benchmark Hang Seng index was up 0.4 per cent.
In Australia the S&P/ASX 200 index was up 0.9 per cent as the energy segment gained 1.9 per cent on the rally overnight in crude oil prices. Materials stocks were also up 1.8 per cent following a rally for hard commodities in China on Monday that saw iron ore futures climb 3.6 per cent. Miner BHP Billiton was up 3 per cent while rival Rio Tinto gained 2.2 per cent.
Tokyo’s Topix index rose 0.3 per cent as a climb of 1.7 per cent for energy stocks helped offset a 0.3 per cent dip by financials. Conglomerate SoftBank fell as much as 1.5 per cent, adding to Monday’s fall of 2.6 per cent on news its proposed merger of subsidiary Sprint with T-Mobile had collapsed.
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