State-owned oil giant CNOOC hit new record high after reporting better-than-expected earnings for Q1

 

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China's state-owned oil giant CNOOC surged more than 5% to hit HK$20.1 at one point, marking a new record high, bringing its year-to-date gains to more than 50%. CNOOC's Shanghai-traded shares jumped more than 4% to hit a high of HK$30.04.

CNOOC reported a revenue of 111.5 billion yuan for the first quarter of the year, rising 14.1% from a year earlier, and net profit reached 39.7 billion yuan, lifting . . .

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