Shares of Singapore-listed coal miner Straits Asia Resources (STRL.SI) rose as much as 4.5% on Friday, spurred by a rally in commodities prices and recent M&A activity in Indonesia’s coal sector.

At 0154 GMT, Straits Asia shares were up 3.3% at $2.50 with over 2.6 million shares changing hands.

Oil prices closed up 2% on Thursday in New York, breaking a four-day losing streak after a multibillion-dollar bailout plan for Ireland restored calm in commodity markets.

 

“The bulls out there are still very positive on the commodities. After the recent sell-off, they’re taking the opportunity to do some buying,” said a local trader.

 

The merger of Indonesia coal firms Berau Coal (BRAU.JK), PT Bumi Resources (BUMI.JK) together with England’s mining investment fund Vallar Plc (VAAR.L), announced earlier this week, has spurred investor interest in the Southeast Asian country’s coal industry, the trader said.