Soaring oil and prices have sent ASX coal miners to fresh multi-year highs, lifting Australian shares to a weekly gainP/ASX 200 faded from fresh 10-week highs on Friday to finish little changed, up 0.02 per cent, or 1.7 points, at 7114.5, as investors digested another deluge of earnings updates.Australian shares ended a busy reporting season week in positive territory, just.
Santos added 6.4 per cent to $7.5 in its best day since March, as Whitehaven Coal jumped 6.2 per cent to $7.36 and New Hope rose 4 per cent to $4.93.Largest in the energy sub-index, Woodside Energy firmed 4.1 per cent to $33.5, as oil prices extended a 24-hour rebound. Whitehaven Coal is now trading at a record high, surpassing its previous peak of $7.35 in 2011, as coal prices surge thanks to rising demand as Europe scrambles to seek alternative coal suppliers to Russia. New Hope is trading at its highest levels since April 2012
Coal gains were offset by falls in healthcare, real estate and financials. All big four banks traded lower, CBA slipped 1 per cent to just below $100, and ANZ fell 2 per cent to $23.. Its shares cratered 12.4 per cent to close at $5.80.despite booking a fall in net profitAGL fell for its fifth straight day, off 3.