Coal Stocks Surge; CNX, WLT, FDG Hit New 52-Week Highs

With the Dow now down triple digits, very few industries are performing well today. Energy is having a good day as the price of crude oil moved back over the $90 level today, up more than 1% in afternoon trading. On the other hand, oil stocks are not performing well and coal appears to be lifting the sector today.

Shares of several of the world's largest coal companies are hitting new 52-week highs today. CONSOL Energy (NYSE: CNX) surged 10% just after the market opened, marking a new high at $76.25, but has since pulled back from this high. Walter Industries (NYSE: WLT), a conglomerate which focuses its main business on coal, also jumped after the open, making $42.70 its new 52-week high. Fording Canadian Coal (NYSE: FDG) has gone as high as $44.19 today, rising by more than 9% at one point.

These coal companies could be performing very well today due to an energy crisis in South Africa. The country has recently been plagued by power outages across the country, and officials have responded by announcing an 'electricity emergency', saying the country will focus on rationing electricity, increasing prices and promoting alternative forms of energy.

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