December 17, 2008 / 4:46 PM / 11 years ago

Coal shrs up on pro-coal Salazar as Interior pick

NEW YORK, Dec 17 (Reuters) - Shares of U.S. coal mining companies rose on Wednesday after U.S. President-elect Barack Obama named a pro-coal senator as his choice to become interior secretary.

Obama said he will nominate U.S. Sen. Ken Salazar, a Colorado Democrat, as U.S. interior secretary, overseeing national parks as well as federal lands leased for oil and gas drilling.

“The sentiment suggests Salazar is pro-coal, where Obama is seen as anti-coal,” said analyst Jeremy Sussman of Natixis Bleichroeder.

“He is practical and not too ideological, and a bill he sponsored on capture and storage of carbon emissions, was widely supported.”

In morning trading on the New York Stock Exchange, Consol Energy Inc (CNX.N) stock was up 5 percent at $32.86, and Massey Energy Co MEE.N advanced 4 percent at $15.86.

Peabody Energy Corp (BTU.N) rose 1.1 percent at $25.86, and Arch Coal Inc ACI.N gained 2.1 percent higher at $17.24. All of the stocks trade on the New York Stock Exchange

The S&P coal index .GSPCOAL was 3 percent higher. (Editing by Jeffrey Benkoe)

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