5 ASX penny stocks trading high amid ASX surge

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  • Orminex’s share price has seen a sharp surge today, rising 42.5% to A$0.057.
  • Investors are looking at DigitalX’s shares as a direct proxy to Bitcoin, resulting in a price surge of about 21.2% to A$0.08.
  • Discover Resources has reported its RC drilling results for 25 holes, leading its share price to increase by 16.6% at A$0.007.

This week has been quite a difficult one for the Australian market. The ASX 200 has lost its momentum of the last week, showing lackluster performance. In the first two days of the week, the benchmark index has dropped almost 20 points.

Image Source: ID 87767 © Webking | Megapixl.com

However, today, the market has again surpassed its 7,000 mark after a few failed attempts in the last three days. As of 11:40 AM AEST, the ASX 200 is trading up by 0.42 per cent to 7,005, inching towards it’s 52-week high.

Amid the news of the market surpassing 7,000 mark, a few penny stocks are also catching up with the rising momentum. Let’s have a look at a few of the ASX penny stocks which are doing well today.

  1. Orminex Limited (ASX:OMX)

Orminex’s share price has seen a sharp surge today. The stock is up by 42.5% to A$0.057 with the highest one-day volume in the last couple of years, at over 13.6 million shares. Today’s high of A$0.091 has become the new 52-week high for the stock.

Today, the company announced excellent initial high-grade drilling results from the Penny’s Find joint venture project. The results demonstrate excellent width and grade with an improved geological confidence in the underground ore body, having open mineralisation to the north and at depth.

  1. DigitalX Limited (ASX:DCC)

DigitalX is the first ASX-listed blockchain consulting company with good exposure to Bitcoin. The company’s Bitcoin fund has recorded a monthly return of 28.39%, beating all its other funds, including gold and equities. The recent surge in Bitcoin to an all-time high has supported the fund’s performance.

Investors are looking at DigitalX’s shares as a direct proxy to Bitcoin, resulting in a price surge of about 21.2% to A$0.08 in today’s session.

Read More: Two Tech Penny Stocks that Delivered Monumental YTD Returns

  1. St Grorge Mining Limited (ASX:SGQ)

Today, the company reported a new discovery of high-grade nickel-copper sulphides at its flagship Mt Alexander Project, located in the north-eastern Goldfields. A 10.96m of continuous nickel-copper sulphides was intersected in MAD199, which tested a strong 19,320 Siemens electromagnetic (EM) conductor.

Image Source: ID 44519473 © Tomas1111 | Megapixl.com

The stock opened with a huge gap of 48.6% at A$0.11, but faced a significant profit booking, as it fell to A$0.09 to lose more than half of the day’s gain.

  1. Discover Resources Limited (ASX:DCX)

Discover Resources has also reported its RC drilling results for 25 holes out of 34 at Korong and Waihi Prospects. New intersections at Waihi Prospect have intersected a near-surface, high-grade mineralisation, and extended shoot southward.

The company’s share price is trading up by 16.6% at A$0.007, clocking a volume of over 7.5 million shares. The stock has retraced from the day’s high of A$0.008.

  1. Resolute Mining Limited (ASX:RSG)

Another Australian miner on the list, Resolute Mining Limited has informed that its Mining Lease for the Bibiani Gold Mine had been restored as notified by the Ghanaian Minister for Lands and Natural Resources, Samuel A Jinapor.

The news has sent the stock price to the day’s high of A$0.565, currently 14.2% up at A$0.535. With today’s move, the stock is moving up to fill the gap created on the charts on 25 March.

Read More: Resolute Mining (ASX:RSG) Shares Fall on Production and Guidance Update

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