2 ASX 200 shares smashing multi-year highs today

It’s a good day for owners of these shares.

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The S&P/ASX 200 Index (ASX: XJO) is recording its third consecutive session in the green, gaining 0.1%, and these shares are making the most of it.

They’re surging to trade at long-forgotten heights on Tuesday. Here’s what’s helping them along.

These ASX 200 shares just surpassed multi-year highs

Amcor (ASX: AMC)

The Amcor share price reached a new all-time high of $18.63 on Tuesday – a 0.86% increase on its previous close. At the time of writing, its shares are swapping hands at $18.54 apiece.

There’s been no recent news from the packaging manufacturer. However, it released its results for the March quarter earlier this month.

The company’s sales for the quarter increased 15.6% on those of the prior comparable period, reaching US$3.7 billion, while its profits soared around 7.2%.

Today’s lift might be a reaction to the performance of the stock’s US counterpart – Amcor (NYSE: AMCR). It gained 1.33% overnight to close at US$12.94.

Additionally, the ASX 200 share’s home sector ­­– the S&P/ASX 200 Materials Index (ASX: XMJ) – is outperforming on Tuesday.

It’s currently trading 0.73% higher with many of its lithium-producing constituents leading the charge.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is recording far more energetic gains on Tuesday. At one stage, the ASX 200 share gained 5.49% to trade at $5.18, the highest it’s been since 2019. At the time of writing, it is trading at $5.16.

Like Amcor, the company hasn’t released any news to the market in weeks. However, there is one thing that might explain its gains today.

The price of thermal coal is nearing its all-time high. Overnight, the black rock’s value rose 2.5% to US$402.50 per tonne, according to CommSec.

Its record high of US$435 a tonne was set in March after major coal-producing nation, Russia, declared its invasion of Ukraine.

And many of the company’s ASX 200 energy peers are joining it in the green on Tuesday. Right now, the S&P/ASX 200 Energy Index (ASX: XEJ) is up 1.8%.

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 positions in and has recommended Amcor Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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