The week began in a familiar fashion for Aim quoted Atlantic Coal with a 2.3% drop in its share price as risk averse investors continue to shun loss making resource companies.

Atlantic, which produces anthracite coal from its sole asset in the US, staged an impressive midweek rally, increasing a heady 11%. That was on the back of better than expected interims in which the company recorded an underlying profit of USD 843,000 and cut pre tax losses by USD 450,000 to USD 1.05 million on the back of strong sales and a higher coal price.

In February 2011, Atlantic raised GBP 12 million from institutional and other investors to fund its growth strategy. The company reaffirmed its full year target of producing 135,000 tonnes this year, up from 88,597 tonnes in 2010.

(Sourced from www.ft.com)