LONDON (ShareCast) - Central Europe-focused hard coal and coke producer New World Resources surged on Tuesday afternoon after the International Energy Agency (IEA) said that coal will come close to surpassing oil as the world's top energy source by 2017.
According to the IEA's Medium-Term Coal Market Report, the world will burn around 1.2bn more tonnes of coal per year by 2017 compared to today, equivalent to the current coal consumption of Russia and the United States combined.
"Coal's share of the global energy mix continues to grow each year, and if no changes are made to current policies, coal will catch oil within a decade," said IEA Executive Director Maria van der Hoeven.
Despite the upbeat outlook for coal, oil stocks were in demand crude prices gained on hopes that US politicians can come to an agreement over the 'fiscal cliff'. Heritage Oil (Other OTC: HGOCF - news) and Essar Energy (LSE: ESSR.L - news) were making gains, with the former lifted after saying that it has acquired 1.9m shares in Toronto-listed peer PetroFrontier (Other OTC: PFRRF - news) , taking its stake to nearly 20%.
Insurance groups Hiscox and Catlin were lower after revealing their estimates for the impact of Superstorm Sandy. Hiscox estimates net claims of around £90m, while Catlin predicts Sandy-related losses of $200m. Sector peer Beazley (Other OTC: BEAZF - news) , which last week estimated its losses at $90m, was also lower today.
Support services and construction group Interserve (LSE: IRV.L - news) gained after acquiring Advantage Healthcare from Rutland Partners and management for a cash consideration of £26.5m.
Egyptian gold miner Centamin (Toronto: CEE.TO - news) continued to rise after saying yesterday that gold exports had resumed at its flagship Sukari mine. Investors are now waiting for mining operations to restart at the project following last week's suspension.
FTSE 250 (FTSE: ^FTMC - news) - Risers
New World Resources A Shares (NWR) 285.80p +8.42%
Imagination Technologies Group (IMG) 410.00p +6.91%
Heritage Oil (HOIL) 186.60p +5.72%
FirstGroup (FGP (BSE: FGP.BO - news) ) 200.20p +5.04%
IP Group (LSE: IPO.L - news) (IPO) 111.60p +4.79%
Essar Energy (ESSR) 123.50p +3.96%
Hays (HAS) 85.40p +3.96%
Michael Page International (Other OTC: MPGPF - news) (MPI) 404.90p +3.48%
Carpetright (CPR) 696.00p +3.26%
TalkTalk Telecom Group (TALK) 232.30p +3.11%
FTSE 250 - Fallers
NMC Health (NMC (Other OTC: NMCX - news) ) 170.00p -4.76%
Renishaw (RSW) 1,850.00p -3.29%
Catlin Group Ltd (LSE: CGL.L - news) . (CGL) 482.60p -2.94%
Petra Diamonds Ltd.(DI (KSE: 003160.KS - news) ) (PDL) 105.50p -2.31%
Domino's Pizza Group (DOM) 490.00p -2.20%
Kentz Corporation Ltd (LSE: KENZ.L - news) . (KENZ) 391.50p -1.76%
Hiscox Ltd. (HSX) 462.00p -1.49%
AZ Electronic Materials SA (DI) (AZEM) 339.60p -1.34%
BH Macro Ltd (Other OTC: BHMDF - news) . EUR Shares (BHME) € 18.95 -1.30%
Beazley (BEZ) 173.80p -1.19%