Red Emperor Resources and Copper Development were the top-gaining resource stocks on the Alternative Investment Market this week.
The Alternative Investment Market (AIM) All-Share index (INDEXFTSE:AXX) was on the rise this week, gaining 1.1 percent to finish at 742.09 points.
Several resource companies went along for the ride up. Dual-listed Red Emperor Resources (LSE:RMP,ASX:RMP) was the top-gaining stock from the resource sector, rising 30 percent to finish at GBP1.30. The company has a number of oil and gas interests in Southeast Asia.
Red Emperor’s share price fell 60 percent back in August following lackluster results that led it to abandon its Hawkeye-1 well off the coast of the Philippines, as per Proactive Investors UK. The company released its 2015 annual report on Monday.
Copper Development (LSE:CDC) was also on the rise this week, with its share price increasing 17 percent to end at GBP1.83. The mining and development company is focused on two porphyry copper projects in the Philippines.
Meanwhile, New World Oil and Gas (LSE:NEW) was on the losing side. Its share price fell 27 percent this week to close at GBP0.0511. The company announced on Tuesday that it has relinquished its Danish exploration licenses.
“Despite a comprehensive analysis of the Licences confirming valid prospectivity, in the current oil price environment and in light of the early stage of development we believe it is the right decision to relinquish the Danish licences,” said New World’s non-executive chairman, Chris Einchcomb, in Tuesday’s release.
Heavy mineral sands-focused Pathfinder Minerals (LSE:PFP) also lost out this week, falling 11 percent to hit GBP1.54.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
AIM Round-Up: Pantheon Resources and Ferrum Crescent
AIM Round-Up: Copper Development and African Potash See Largest Gains
AIM Round-Up: African Potash Jumps on MOU For Fertilizer Offtake
AIM Round-Up: Great Western Mining Up 71 Percent
AIM Round-Up: African Potash on Top for Second Week in a Row