Five ASX-penny stocks making gains despite market-wide gloom

Summary

  • The PNX share price has increased 12.5% to AU$0.009, clocking a healthy volume of over 2.06 million shares.
  • SWK expects the revenue of between AU$153 million to AU$156 million for FY21.
  • The 4DS share price has shot up by 10.3% to AU$0.16, after the company announced it has received two sets of wafers from imec.

Having made new highs last week, the benchmark Australian index started Monday on a weak note, witnessing a sharp decline, as Fed officials spooked global markets. As of noon, the ASX 200 has fallen 1.77% to 7,238.6, its largest fall since 18 May 2021. The market breadth has also been severely weak as all of the 11 sectors are trading in red today.

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Despite such a grim session, there are a few penny stocks that are going against the grain and providing investors some comfort. These penny stocks are:

Read More: Can you count on penny stocks to make money?

  1. ADX Energy Limited (ASX:ADX)

Today, the ADX share price shot up by 14.29% to AU$0.008 on the back of a positive announcement. The company revealed that it has won an 18-month extension for Ex-10 Parta Exploration Licence for the current exploration phase. The phase I licence extension has been granted by the Romanian National Agency for Mineral Resources without additional work program obligations.

  1. PNX Metals Limited (ASX:PNX)

Today, the PNX share price has increased by 12.5% to AU$0.009, clocking a healthy volume of over 2.06 million shares. The catalyst behind the rally is the company’s announcement on Friday affirming the appointment of Dr Frank Bierlein and Mr Richard Willson as non-executive directors of the company, effective today.

                   

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The appointments follow an ongoing review of the company’s board structure to ensure board skills are aligned with the strategic direction of the company.

  1. Swick Mining Services Limited (ASX:SWK)

The SWK share price has surged over 11% to AU$0.19 as the company has released strong performance of its drilling business. The company expects its FY21 revenue to fall in the range of AU$153 million to AU$156 million and EBITDA between AU$29 million and AU$31 million.

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The solid performance has been achieved on the back of a strong order book, reliable operational performance, increased volume of rigs in work and revenue diversification.

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  1. Carbonxt Group Limited (ASX:CG1)

On Friday, Carbonxt, a cleantech company, announced the completion of an entitlement offer to existing shareholders. A total of 6.77 million new shares and 3.38 new options will be issued to shareholders, raising over AU$1.01 million before costs.

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The completion of entitlement offer has uplifted investors’ sentiments, leading to a surge of 11.1% to AU$0.15 in the CG1 share price.

  1. 4DS Memory Limited (ASX:4DS)

The 4DS share price has shot up by 10.3% to AU$0.16, after the company announced it has received two sets of wafers from imec, which is the world-leading research and innovation hub in nanoelectronics and digital technologies. The company also took the opportunity to utilise spare capacity on imec commercial production equipment to manufacture a Third Non-Platform Lot comprising of 23 wafers.

This decision was undertaken to ensure that the Company continues to build an extensive data set around the process parameters.

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