(Figures in U.S. dollars unless noted)
TORONTO, Jan 28 (Reuters) - Shares of hydrogen fuel cell developer Ballard Power Systems Inc. surged on Tuesday, as investors anticipated encouragement for the alternative energy industry from U.S. President George W. Bush in his State of the Union speech later in the day.
Ballard stock was up C$1.75, or 12 percent, at C$16.05 on the Toronto Stock Exchange on Tuesday afternoon, after jumping as high as C$16.34 earlier in the session. They were up $1.22, or 13 percent, at $10.53 on Nasdaq.
Among the topics Bush is expected to address in his speech on Tuesday night is the U.S. government's policy on energy security, said John Quealy, an analyst at Adams, Harkness and Hill.
"I think folks are looking for tonight's speech to maybe provide clarification on energy-related issues," Quealy said.
"The Bush administration has previously been supportive of hydrogen, and the development of the hydrogen infrastructure for instance, as a long-term solution to help with energy security concerns."
Shares of other fuel cell developers, including FuelCell Energy Inc. and Plug Power Inc. , also rose in anticipation of a U.S. energy plan.
On Nasdaq, Fuel Cell Energy jumped $1.00, or 17.5 percent, to $6.72, while Plug Power Inc. gained $1.28, or 32 percent, at $5.33.
($1=$1.53 Canadian)