Shares of Tower Resources PLC (LON: TRP) surged 96.7% today despite the lack of any major announcements from the Africa-focused oil and gas company.
There was no clear catalyst behind the company’s spike in the middle of the London trading session as buyers stepped in pushing the stock’s price 96% higher before quickly falling.
Given that it is a penny stock, traders should be careful chasing the stock higher, especially since there is no clearly-evident fundamental driver behind the spike.
However, I am keeping an eye on the stock in case we get a rally or some news from the company that could lead to a sustained move in either direction.
Tower Resources last news event was the presentation by its Chairman and CEO Jeremy Asher at the virtual Africa Upstream, LNG and Gas Summit on 22 October 2020.
The company also released its interim H1 2020 results on September 30, 2020.
Tower Resources share price
Tower Resources shares today surged 96.7% to trade at 0.65p having rallied from Tuesday’s closing price of 0.33p.