Australian shares jumped on Monday, but Whitehaven and Rio Tinto shares came under pressure after China set a modest growth target.
Australian shares rallied on Monday after investors cheered robust US economic figures, ahead of a widely expected increase in the Reserve Bank of Australia cash rate for the 10th consecutive month.P/ASX 200 rose 0.6 per cent or 45 points to 7328.6 and all Ords also gained 0.6 per cent or 41.7 points to 7525.7.
Coal stocks tracked a fall in fossil fuel prices. Benchmark Newcastle coal prices have halved since early January to hit $US188.9 on Monday. They traded at about $US423 a tonne last September. Even so, Morningstar is positive on Whitehaven Coal and New Hope. Mr Mills said they both produce high energy, low ash coal that Japan, South Korea and Taiwan use in High Energy Low Emission coal power plants.“Even as the world slowly transitions away from thermal coal, we think these two companies’ high-quality coal will remain in demand for decades while companies that produce lower quality coal will go out of business.
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