Tokyo Stock Exchange, Tokyo
Japanese stocks posted gains on 11 May Reuters

Most share markets across Asia saw gains on 11 May after an increase in oil prices drove up energy stocks.

Tokyo's benchmark Nikkei 225 share average advanced 0.3% to 19,959.97 points in the afternoon session after official figures showed bank lending in Japan was up 3% year-on-year in April.

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Separate data showed that the country's current account – the broadest measure of trade – recorded a surplus of ¥2.9tn (£19.6bn) in March, beating analyst expectations for a surplus of ¥2.6tn.

Investors also took cues from a positive overnight session on Wall Street, where the S&P 500 and Nasdaq indices both closed 0.1% higher.

The modest gains came despite heightened political uncertainty in Washington sparked by US President Donald Trump's surprise decision to fire FBI Director James Comey on 9 May.

"Global equities, led by the S&P 500, are moving higher but at a very subdued pace," IG market analyst Chris Weston said in a note.

Global benchmark Brent crude prices were up 6.4% to $50.54 per barrel after data released by the US Energy Information Administration showed that crude stockpiles saw their biggest fall since December last week.

Rest of Asia

Mainland China's Shanghai Composite index was down by 0.4% at 3,041.33 points, while Hong Kong's Hang Seng rose 0.4% to 25.102.23.

In South Korea, the Kospi benchmark index advanced 1% to 2,293.57 points.

Elsewhere, New Zealand's central bank kept its key lending rate unchanged at a record low 1.75%, sending the New Zealand dollar 1.5% lower against the US dollar.

"Global economic growth has increased and become more broad-based over recent months," Reserve Bank of New Zealand Governor Graeme Wheeler said.

"However, major challenges remain with on-going surplus capacity and extensive political uncertainty."

"Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain and policy may need to adjust accordingly," Wheeler added.

Meanwhile, Australia's S&P/ASX 200 index was flat at 5,878.30 points, with gains in energy and banking stocks offset by losses in mining.

Banking shares rose despite the fact that Treasurer Scott Morrison's budget unveiled on 10 May included a surprise levy on Australia's five biggest banks from July.