Nikkei: 10,431.36 (–26.00) Hang Seng: 23,908.96 (+426.01) Shanghai Comp: 2,799.40 (+8.70)WITH MANY of the region's markets closed for the lunar new year, the focus yesterday was on Australia to see how investors reacted to Cyclone Yasi.
“Initial reports suggested Cyclone Yasi hasn’t caused as much damage as originally feared, and offered some upside,” said Peter Stanhope at IG Markets.
Insurance Australia and Suncorp gained 3 per cent to A$3.75 and 2.9 per cent to A$8.45 respectively.
BHP Billiton rose 1.4 per cent to A$46.32, while Equinox Minerals climbed 7.6 per cent to A$6.66 after saying it will increase copper production by 77 per cent at its Zambian mine by 2015.
Meanwhile, Atlas Iron rose 6.7 per cent to A$3.69 after it reported it had increased by 24 per cent the resources at its Direct Shipping Ore unit.
Indian stocks had their biggest single-session leap since November. Metals stocks were among the best performers with Sterlite Industries, the country’s biggest producer of the metal, climbing 1.8 per cent to Rs171.60, while aluminium smelter Hindalco Industries jumped 4.8 per cent to Rs246.05. – (Copyright The Financial Times Limited 2011)
