Dynegy Inc. (DYN:US) and RRI Energy Inc. led gains among U.S. independent power producers on signs that the worst may be over for the American economy.
Manufacturing in the U.S. shrank less than forecast in May, spurred by the first gain in new orders since the recession began, the Institute for Supply Management said today. The possibility that an improving economy may boost demand also pushed up natural-gas prices.
Shares of Houston-based Dynegy added 29 cents, or 14 percent, to $2.30 in New York Stock Exchange composite trading. RRI rose 13 percent, and Mirant Corp. advanced 6.3 percent.
“Risk aversion is getting diminished, people are hoping the economy is going to recover soon,” Angie Storozynski, an analyst at Macquarie Capital USA Inc. in New York, said in a telephone interview.
Natural gas for July delivery climbed 41.3 cents, or 11 percent, to $4.248 per million British thermal units at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange.
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