(MENAFN- ProactiveInvestors) Saudi air strikes on the Yemen meant it was another volatile week for oil prices.
London’s junior oil stocks also saw huge price swings - but the major movers weren’t exactly market driven.
Shares in AIM-listed explorer () skyrocketed this week - but no one seemed to know why.
Not even fans of the firm on message boards could explain the 123% share price gains seen since Monday.
In a statement Tower itself said that it was not aware of any specific new reasons for the movement.
According to one person familiar with the stock the sharp rally shows Tower had been heavily oversold.
Like many oil stocks Tower has been hurt by broader sector-wide weakness driven by the collapse in oil although disappointing exploration results haven’t helped.
Tower shares had dropped from around 5p in the past year but investors will hope the trading this week resembles something of a nadir for the AIM quoted share.
At one point on Friday it had peaked at 0.49p - marking a near 400% rally - before falling back to 0.25p.
“This is a time of especially rapid change and volatility which we think has led to a short-term under-valuation of exploration assets” said Tower chairman Jeremy Asher in a statement last week.
Indus gas () was another big winner this week up nearly 166 per cent to 213p. Like Tower there was again little indication of why the Guernsey-based oil was in such demand.
Investors in () have seen a three-fold increase in the value this week but at least they have some clarity as a regulatory statement confirmed there had been a large buyer in the market.
The gains contributed to a two point rise for the FTSE AIM All Share Index this week which now stands at 718.
The junior share gauge has gained 16 points or 2.3T since the start of the year but remains well off the 850 levels seen a year ago.
Small cap players outside the oil sector also helped the index climb.
Traders tuned into shares this week as the firm announced it was helping supermarket giant ’s revamp its online music offering.
() will supply a library of 31 million digital tunes to the grocer’s existing online entertainment offering which already allows users to download music books and films.
Shares in the AIM-listed music outfit have climbed 25% since Monday and now trade at 16p.
Meanwhile () shares also soared 25% this week after a couple of contract wins for e-commerce marketplace specialist.
Following on from Thursday’s news about a collaboration in the Middle East the company revealed on Friday it is to hook up with an unnamed US organisation.
will provide the firm with a platform that allows end users to buy from successful government education and healthcare tenders in other words - corporate procurement.
The service is expected to go live at the beginning of April and the first customer to sign up is expected to be worth US$600000 per annum to . shares trade at 23p .
Also doing well this week was Wolf Minerals () the company building the first metal mine the UK has seen for 45 years.
On Wednesday it said it had boosted reserves at its Hemerdon tungsten and tin development in Devon by 34 per cent after a six hole drill programme at the mine pit’s edge.
Shares have climbed 7% this week to 21p and are up 68% over the past three months.
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