Chinese Coal Firms’ Share Prices Surge After Bumper Results
- First-quarter profit at biggest China miner of the fuel up 66%
- Beijing raised prices for long-term contracts late last year
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China’s biggest coal miner saw its shares jump the most in a month after posting a massive profit increase on rising coal prices.
China Shenhua Energy Co.’s shares rose as much as 7.5% in Hong Kong on Thursday. Profit was up 66% in the first quarter to 19.8 billion yuan ($3 billion) amid higher production and a rise in prices of the fossil fuel.