Friday has proven itself to be a rough day for S&P/ASX 200 Index (ASX: XJO) shares.
The index fell to its lowest point since Monday – 7,025.2 points – in intraday trade, representing a 1.7% slip.
Fortunately, at the time of writing, it has bounced back slightly to trade just 0.79% lower.
It’s not a better story for the All Ordinaries Index (ASX: XAO). It’s down 0.91% right now.
But the broader market’s dip didn’t dampen the spirts of these ASX 200 shares. They each hit their highest point in at least 12 months.
Let’s take a look at what drove them higher during this bleak session.
2 ASX 200 shares surpassing 52-week highs on Friday
Whitehaven Coal Ltd (ASX: WHC)
It’s been another good day on the market for the Whitehaven share price.
The stock has surged a whopping 27% over the last fortnight as the coal price has moved higher. The commodity’s value has been on the up-and-up after Russia invaded Ukraine last week.
Russia is one of the world’s major coal exporters and, as my Fool colleague Mitchell Lawler reported yesterday, many nations are pushing for sanctions on coal produced by the nation.
That would likely impact supply of the energy commodity. Thus, its price is likely gaining in anticipation.
Of course, a higher coal price will likely result in higher profits from Australian coal producers such as Whitehaven.
The Whitehaven share price hit a new 52-week high of $4.02 today, representing a 1.5% gain. In late afternoon trade, it is up 1% at $4.
Sims Ltd (ASX: SGM)
There’s no such clear reason behind the Sims share price’s short-lived gains on Friday.
However, they could be explained by rising demand for steel. The Australian Financial Review is reporting China could be about to ease its COVID-19 elimination strategy, moving back towards a growth plan that could see it needing more steel and iron ore.
That could be good news for the metal recycler.
After closing at $19.08 on Thursday, the Sims share price surged to $19.35 – its new 52-week high – this morning. From there, it plunged to its intraday low of $18.70. Shortly before the closing bell today it is at $19, down 0.42% on its previous close.
The post 2 ASX 200 shares cracking new 52-week highs today appeared first on The Motley Fool Australia.
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More reading
- These 3 ASX 200 shares are topping the volume charts on Friday
- 3 ASX shares to cash in from the energy crisis: expert
- Here are the top 10 ASX shares today
- Here are the 3 most heavily traded ASX 200 shares this Thursday
- Aussie coal is in hot demand, and these ASX coal shares are booming
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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