Why were these 2 stocks the highest AIM risers today?

The Alternative Investment Market (AIM), a submarket on the London Stock Exchange and which houses small cap stocks with high growth potential, was buzzing with different stock actions.

Several AIM listed stocks were in action today, of which SIMEC Atlantis (LON: SAE) and Tower Resources (LON: TRP) were among the top two risers, towards the second half of the trading session.

Let us take a closer look at what caused SIMEC Atlantis and Tower Resources to outperform:

1. SIMEC Atlantis Energy Ltd (LON: SAE)

FTSE AIM All-Share listed firm SIMEC Atlantis is a global sustainable energy company and is based in Scotland.

The company’s shares surged by 75 per cent in today’s trading session after it confirmed that the receivers appointment had ended and that the GFG Alliance had regained control as majority shareholders of SIMEC.

SIMEC had previously announced receivers were appointed for SIMEC UK Energy Holdings Limited, which has a majority shareholding of  41 per cent stake in SAE.    

(Image Source: Refinitiv)

SIMEC Atlantis’ shares were trading at GBX 7.35, up sharply by 75.00 per cent as of 23 July at 12:50 PM GMT+1. Meanwhile, the FTSE AIM All-Share index was trading at 1,231.90, up by a modest 0.31 per cent.

SIMEC Atlantis’ market cap is at £21.99 million as of 23 July.

Also Read: Penny stocks: 7 AIM listed green energy options to look at

2. Tower Resources PLC (LON: TRP)

Tower Resources is an Africa focused oil and gas firm and is also listed on the FTSE AIM All-Share index. The company extended gains today, surging 17 per cent, after reporting an investor update at an industry organised virtual forum after the market close on Thursday.

Tower Resources also recently completed a gross fundraising amount of £50,000 by issuing 20 million new shares at a price of 0.25 pence per share. The fundraise was made in order to repay working capital loans.

The company reported the exploration and evaluation expenditure for its Thali product sharing contract (PSC) stood at US$ 2.2 million in its preliminary FY 2020 results, compared to US$ 3.9 million in FY 2019.

It also reported that the FY 2020 administrative costs dropped to US$ 237 thousand, compared to US$ 987 thousand in FY 2019.

(Image Source: Refinitiv)

Tower Resources’ shares were trading at GBX 0.34, up by 17.54 per cent as of 23 July at 12:49 PM GMT+1. Meanwhile, the Energy sector index was trading at 4,886.86, up by 1.02 per cent.

The company’s market cap stood at £5.01 million as of 23 July and its one year returns were at 8.77 per cent.