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- Australian market buzzed in bullish territory on Wednesday, after two days of continuous fall.
- The S&P/ASX200 closed up today gaining 0.36%.
- Small-cap stocks S&P/ASX SMALL ORDINARIES (XSO) also closed 0.344%.
- 10 of 11 sectors ended higher along with the S&P/ASX 200 Index.
On Wednesday, Australian market started on a positive note after two days of continuous fall. The S&P/ASX200 closed 0.36% up at 7,121.10.
Small-cap stocks index S&P/ASX SMALL ORDINARIES also ended 0.344% up at AU$2,966.900. 10 of 11 sectors closed strong along with the S&P/ASX200 Index. Energy was the best performing sector, gaining 4%.â¯
On that note, let's look at three ASX listed penny stocks that have gained more than 100% on a yearly basis.
92 Energy Limited (ASX:92E)
92 Energy is a uranium exploration company. It aims to explore high-grade unconformity related uranium using its proprietary and technically driven prospectively model in the Athabasca Basin.
92 Energy shares closed 20.754% higher at AU$0.640 apiece today.
The stock has gained over 128% from the past one year as of June 8. The company stands with a market cap of AU$40.68 million as of 8 June 2022.
Last week 92 Energy provided an update on its Summer 2022 Drill Program at its 100% owned Gemini Project. Its technical team is now on-site, with drilling set to commence on 10 June 2022.
The Gemini summer 2022 drill program will utilise two diamond drill rigs, consisting of an initial 6,000 metres of diamond drilling.
Resource Mining Corporation Limited (ASX:RMI)
Resource Mining Corporation is an independent Australian mineral resource company with a mission to create wealth from mineral commodities using innovative technical, marketing, and financial skills.â
Resource Mining shares have had a massive gain of 625% from the past one year as of 8 June 2022. The shares closed 7.407% up at AU$0.145 apiece today.â¯The company stands with a market cap of 54.76 million.
The company announced yesterday that it has secured an exclusive option to acquire one nickel and two lithium projects in Finland. The company also informed that a four-month option term with due diligence and final negotiations would also occur during the term.
Fertoz Limited (ASX:FTZ)
Fertoz is an organic fertiliser manufacturer and supplier. The company markets and develops a range of organic fertilisers in North America and Australia.
Fertoz shares closed 2.325% lower at AU$0.210 per share today.
The stock has gained over 162% over the past one year as of 8 June 2022. The company has a market cap of AU$49.16 million.
Fertoz announced yesterday that Max Crowley from the Automic Group has been appointed as joint company secretary, effective immediately. The company also informed that Rebecca Woodman would step down as company secretary, effective immediately further to Crowley’s appointment.
Investing in penny stocks requires sufficient capital, high-risk appetite, and proper due diligence. In case of the absence of any of these three, investors could find themselves in deep financial trouble while investing in this high-risk space.
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