Shares of Massey Energy competitors surge in wake of explosion; Massey falls

Massey explosion pushes other coal stocks higher

DENVER — Shares of some of Massey Energy’s key competitors are rising after an explosion killed 25 miners at one of the coal producer’s mines.

The West Virginia mine likely will be closed for a lengthy period as a result of Monday’s blast.

As Richmond, Va.-based Massey Energy Co.’s shares slumped Tuesday, shares of Alpha Natural Resources, Patriot Coal and Walter Energy all hit 52-week highs before paring some of those gains.

All these companies produce metallurgical coal which is used in steel manufacturing. The market for that type of coal is tightening because of rebounding demand from steel producers in China and India.