The Alternative Investment Market was up sightly this week, with African Potash and Atlantic Coal Plc seeing the largest gains.
After another dip early in the week, the Alternative Investment Market (AIM) All-Share index (INDEXFTSE:AXX) finished the week up 0.33 percent.
Among the top gainers from the resource sector for the week was African Potash (LSE:AFPO), which saw its share price rise 74 percent for the week to finish at GBP1.88. The company’s stock shot up 80 percent on Monday after it announced a memorandum of understanding for its first fertilizer supply agreement. African Potash expects to supply up to 50,000 MT of fertilizer to a Zambian fertilizer company following an introduction by the Common Market for Eastern and Southern Africa (COMESA ACTESA).
“The signing of this Trading MOU is a landmark for African Potash in its strategy to become a vertically integrated African focused fertiliser business,” said African Potash executive chairman Chris Cleverly in Monday’s release. “It is also a significant leap for agriculture in the COMESA region.”
Also gaining in the resource space was Atlantic Coal Plc (LSE:ATC), which gained 51 percent to hit GBP0.14 by the end of the week. Shares of the company spiked early Thursday after the company reported a pretax profit for the first half of 2015, according to London South East. Atlantic Coal reported a US$3.7 million pretax profit on higher than expected sales and improved margins. That said, the company also stressed that difficult conditions consist in the coal market.
Meanwhile, Australia’s Forte Energy NL was the biggest loser for the week, falling 30 percent to GBP0.03. The company is focused on the exploration and development of uranium properties, and has a portfolio of projects in Guinea and Mauritania. Company director James Leahy resigned from the company on August 27. Exploration company Lansdowne Oil and Gas was also down 25 percent to GBP2.25 this week
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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