Coal company stocks rose after the news of Republican presidential nominee Donald Trump’s victory in Tuesday’s election.
Trump has promised to roll back Environmental Protection Agency (EPA) regulations, and investors are clearly optimistic he’s going to live up to his promise. Stocks were trading up in premarket sessions, according to 24/7 Wall St.
CONSOL Energy and Cloud Peak Energy “were both trading up sharply in Wednesday’s premarket session,” 24/7 reported. Could Peak’s stocks traded up more than 12 percent above its 52-week range. CONSOL Energy stocks were up 8 percent.
Trump made taking the regulatory weight off the coal industry a major pitch to Appalachian voters. Trump’s pro-coal message likely won him huge support in eastern Ohio and western Pennsylvania as well.
Green energy stocks, on the other hand, plummeted on news of a Trump win. Reuters reported “European renewable energy equipment makers and utilities with significant investments in the United States fell 3 percent to as much as 10 percent” Wednesday. The S&P Global Clean Energy Index hit its lowest level since June.
Denmark-based Vestas saw its shares fall 10 percent Wednesday. About “35 percent of Vestas’ total order backlog comes from the Americas, of which a majority from the United States,” reports Reuters.
While Trump supports an “all-of-the-above” energy plan, analysts have labeled the real estate mogul as hostile to green energy.
“Mr. Trump has in the past displayed negative attitudes towards wind, calling wind turbines ‘environmental disasters’,” according to Barclays analysts.
Trump beat former Secretary of State Hillary Clinton in what’s being called the biggest political upsets in modern times. Trump was able to capture key battleground states and pick off rust belt states that traditionally leaned Democrat.
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