CZL, IFM & GAL - Three ASX penny stocks that are up over 30% today

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CZL, IFM & GAL - Three ASX penny stocks that are up over 30% today

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 CZL, IFM & GAL - Three ASX penny stocks that are up over 30% today
Image source: © 2022 Kalkine Media®

Highlights

  • The ASX Small Ordinaries index continued its gains from Friday, rallying 1.5% to 3,051.1 by 12:30 PM AEST.
  • CZL, IFM and GAL are three ASX penny stocks that are catching investors’ attention today.
  • Investors must understand all risks and do proper due diligence before investing in penny stocks.

The Australian market started the week on a positive note, taking cues from a strong closing on Wall Street on Friday. Thanks to positive investor sentiment, the benchmark ASX 200 index is enjoying a 0.63% rally.

ASX penny stocks to buy

Image Source: © 2022 Kalkine Media®

Small cap stocks have also continued their rally from Friday’s session, with the ASX Small Ordinaries index (ASX:XJO) rebounding from the lower levels, gaining 1.5% to 3,051.1 by 12:30 PM AEST. In this backdrop, let us have a look at three ASX penny stocks that are cheering investors with their massive intraday gains.

Read More: ASX 200 opens in green; Polynovo rockets over 14%

  1. Consolidated Zinc Limited (ASX:CZL)

Founded in 2022, Consolidated Zinc is a Western Australia-based mineral exploration and production company, having a market capitalisation of a mere AU$7 million with a total of 351.35 million issued shares. The company clocked a net loss of AU$1.89 million in FY21, compared to a loss of AU$2.41 million in FY20.

Today, CZL shares rallied 40% to the last traded price of AU$0.028 by 12:30 PM AEST after the company entered into a share purchase agreement to acquire all of the shares held in Westoz Lithium. This acquisition is an exciting opportunity for the company to diversify further into the battery minerals sector.

  1. Infomedia Limited (ASX:IFM)

Infomedia is one of the leading Software-as-a-Service (SaaS) providers helping businesses in the automotive industry with data analytics. The company has a market capitalisation of AU$480.9 million with 375.76 million issued shares. On Friday after the market, the company announced it had received a 100% acquisition proposal from TA Associates Management L.P for AU$1.7 per share.

Looking at a lucrative offer price, IFM investors flocked to buy shares, leading to a price surge of 30.08% to the last traded price of AU$1.665 by 12:30 PM AEST. The volume for the day also surged to over 2.69 million shares so far.

  1. Galileo Mining Limited (ASX:GAL)

The last stock on our list is a Perth-based resource exploration company, Galilio Mining. The company has a market capitalisation of AU$90.4 million with 164.4 million shares on issue. According to the recent exchange filings, a substantial shareholder Yandal Investments Pty Ltd has increased its stake in Galilio by 3 million shares, now totalling to 44.37 million shares.

Triggered by the announcement, GAL shares skyrocketed 37.96% to the last traded price of AU$0.745 by 12:30 PM AEST today. In the last one month, the stock volume has ballooned more than three times to 112.9 million shares so far, recording its highest monthly volume since listing.

Bottom Line

Penny stocks are highly volatile in nature. Hence, they require different skillsets to fetch returns from this space over a long haul. Therefore, before investing in this space, investors must understand all risks and do proper due diligence.

Read More: Waiting for Macquarie’s next dividend? Here’s what you should know

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