Ascent Resources knows no reason for recent stock surge

Shares in AIM-listed Ascent Resources surged by a half on Tuesday and have now more than doubled over the past two days, though the oil and gas group said it didn't know why.

The stock was up 50.86% at 0.264p by 15:51, having touched a high of 0.45p earlier on. Shares jumped from 0.12p to 0.18p on Monday.

Ascent said: "The company notes the recent significant increase in the company's share price. The company is not aware of any reason that would lead to such a movement."

Shares are now back at levels not seen since early February but are still trading 53% lower than where they stood last year.