- S&P/ASX 200 opens on a flat note with the index surging 0.85 per cent to register a high of 6,114.20.
- The global equity market is witnessing sentiment splash, keeping S&P/ASX 200 buoyant on the positive side.
- However, ASX-listed penny stocks are showing some mind-bending intraday moves.
- A look at penny stocks inching closer to 100 per cent intraday movement.
S&P/ASX 200 opens on a flat note with the index surging to a high of 6,114.20 (11:01 AM AEDT), marking a slow start of ~ 0.85 per cent against its previous close.
Volatility seems to be par for the course today, with the index trading on a positive side after a strong recovery during the second half of the trading session from a low of 5,986.00, mirroring the performance of the equity market across the global front.
S&P 500, Dow Jones, and Nasdaq surged on 04 November 2020, as investors took cues from the election trends. While the world seems to be closely tracking the US election results, some penny stocks on ASX have handsomely broken out in today’s trade. What is aiding them?
ASX-listed Penny Stock Inching to 100 per cent Intraday Movement
MC Mining Limited (ASX:MCM)
The junior emerging developer of coaking and thermal coal witnessed a breakaway gap opening on ASX, giving a breakout from a downward sloping trendline, which was followed by large market participation.
The stock clinched a high of $0.220 (11:20 PM AEDT), up by 62.96 per cent against its previous close on ASX.
- MCM generated 137,284 tonnes of run-of-mine (ROM) coal at the Utikomst Colliery or Utikomst (70 per cent owned) for the quarter ended 30 September 2020, up by 1 per cent against the previous corresponding period.
- However, coal sales for the period remained 25 per cent down against pcp with 20,667t of saleable coal on hand at the end of the quarter, leading to a 12 per cent decline in the revenue against pcp.
Synertec Corporation Limited (ASX:SOP)
ASX-listed engineering product and solution provider – SOP rose ~ 113.15 per cent against its previous close to mark an intraday high of $0.081 after announcing the successful completion of Sichuan GreenTech Environmental Co Ltd.’s expanded pilot program.
SOP and GreenTech jointly plan to globally commercialise Greentech’s novel environmentally-friendly and cost-effective Composite Dry Powder for the treatment of hydrocarbon drilling.
$0.9 Million Revenue Generated: GreenTech expanded its commercial-scale pilot program, including 6,000 tonnes of oil-contaminated drilling mud with a state-owned Chinese company, earning $0.9 million in revenue.
The recent contract and further expectations of results in advance of the completion of commercial contract negotiations with Chinese customers, seem to have unfolded for the Company.
Also, SOP is seeking international patent protection for Greentech’s globally scalable and unique intellectual property.