Coal takes a beating after China’s GDP numbers disappoint

Michael Allan McCrae | April 13, 2012 | 8:11 pm Energy Asia China Europe Coal

Bad GDP numbers out of China dragged down coal stocks.

China, the world’s biggest consumer of coal, said that the gross domestic product came in at 8.1% in the first quarter, the lowest figure in three years. In the previous quarter, China showed 8.9% growth.

Arch Coal (NYSE:ACI) was off 4.99% to $10.10 a share; Peabody Energy Group (NYSE:BTU) dropped 2.35% to $28.66 a share; Alpha Natural Resources (NYSE:ANR) was off 1.49% to $15.84; and CONSOL Energy Inc. (NYSE:CNX) down 2.62% to $33.84.

Markets were all down on Friday, April 13, after three good days. The commodity heavy TSX was off 1.09% and the Dow Jones was down 0.96%.

Spot gold dropped lost $19 and was trading at $1,655 /oz. Spot silver lost 92 cents and was trading at $31.46.