Atocha Resources Inc (CVE:ATT) stock price added significant value after the company issued their financial statements for the three months ended January 31, 2012.
ATT showed an unusual volatility as the share price gained 42.9% during Monday’s session. The trading volume was 5.6 million, 14 times the average of 406 thousand.
The big buying wave came as a reaction to the interim financial statements release on the second of April. Among to most notable changes on the books:
- Shareholder’s value decreased by $125 thousand;
- Liquid capital dropped by 30% to $602 thousand;
- Expenses were slightly more than half of those incurred last year, mostly because there was no stock compensation or investor relations expenses;
- Net loss reduced their cash account but there was no additional stock sold to raise more capital.
Despite the bullish reaction to these vague changes, the stock price still didn’t manage to break out of its trading channel. The updated fundamentals don’t look much better than a year ago and thus the news will likely have a short lived effect on the market price of Atocha, so either the price breaks out over the coming session, or it will stay in consolidation until some more important update comes along.
On the bright side, the stock is very noticeable right now because of the huge trading volume and price percent change it pulled in yesterday. This could attract enough attention for it to gap up this morning because the end of day price action from Monday looked quite encouraging.
