Shares in UK Coal gain 3.3 percent as the coal producer signs a new contract with an electricity generator to supply coal on improved and extended commercial terms, which it says will have a positive financial effect as of Jan. 1 2009.
Arbuthnot Securities lifts its rating on the stock to "buy" from "reduce".
"UK Coal has been hit hard on the back of concerns over its profitability and possible cash requirements, seeing the price halve since early February. (The contract news) demonstrates that management is working hard to improve the group's prospects and ability to attract capital," says the broker in a note.
Source: Reuters
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