Five ASX Penny Stocks Swimming Against The Tide Today

Summary

  • Multistack International’s share price has been trending up since 6 April and has delivered a return of over 330%.
  • Magmatic Resources’ share was up 16.6%, trading at the high of the day, at A$0.175.
  • Firefly Resources’ stock has surged by 15% to A$0.115 as the company reported the final assay results.

The rising COVID-19 cases across the globe have made investors cautious after a slip from the 52-week high of the benchmark index. The ASX 200 has slipped 2.6% from the 52-week high of 7094.8 in just two trading sessions. Today alone, the Australian market fell 1.6% to the low of 6905.4 and is currently trading around 6934.5 (as of 1:55 PM AEST).

Image Source: ID 46702790 © Embe2006 | Megapixl.com

Today’s intense selling pressure has hammered the index all the way to its support level of 6,900. However, even in this battered market, there are a few penny stocks that are going against the grain and providing investors some profit cushion. Some of these penny stocks are listed below.

Read More: ASX 200 Today: Why All Sectoral Indices Are Taking a Tumble

  1. Multistack International Limited (ASX:MSI)

Multistack International’s share price has been trending up since 6 April and has delivered a return of over 330% as of today’s current market price of A$0.013, including today’s gain of 34%. In this ongoing rally, the stock has also touched a new 52-week high of A$0.155.

More interestingly, there hasn’t been any major announcements made by the company since 6 April. The company had come under the radar of regulators after the ASX sent a letter to the company, seeking information regarding the unusual trading activity.

  1. Firefly resources Limited (ASX:FFR)

Firefly resources has reported final assay results from its recent extensive grade control drilling program over the cornerstone Melville Gold Deposit at the 100%- owned Yalgoo Gold Project. The final batch of assays includes some highly mineralised intercepts from surface, having high-grade zones of up to 8.9g/t which highlights the robustness of the shallow oxide blanket at Melville Gold Deposit.

Image Source: ID 13135374 © Teprzem | Megapixl.com

The stock has surged by 15% to A$0.115 with a volume of 1.9 million shares, which is the highest one-day volume for the month so far.

  1. Magmatic Resources Limited (ASX:MAG)

Magmatic Resources share is consistently moving in un uptrend since 16 March. Today, the stock is up by 16.6%, trading at its high of the day, at A$0.175.

Today, the company briefed its investors about the business updates, underlining some of the investment highlights as well. Investors seem to cheer up after the briefing as the stock rose to new highs.

Read More: Magma Metals Completed the Sale of All The Shares In The Panoramic PGMS

  1. Carnavale Resources Limited (ASX:CAV)

Carnavale Resources’ share price has bounced back from the lower levels, after falling 11.1% in Tuesday’s session. Today, the stock is up by 12.5% at A$0.009, paring most of the losses.

On Tuesday, the company said that ministerial consent had been granted for the transfer of 100% of the Barracuda Platinum-Palladium-Nickel-Copper Project under the license E58/551 to the company.

  1. Wingara AG Limited (ASX:WNR)

Wingara AG’s share price had shot up by 12% to A$0.14 after falling 10.4% in Tuesday’s session. However, today’s volume of a mere 48K shares is not depicting investors’ confidence in this upward move.

The catalyst behind today’s move is the appointment of James Whiteside as the CEO of the company, effective 1 July 2021. Mr Whiteside has a strong understanding of agricultural value chains, including price risk management, sourcing, international trade, export market development and logistics.


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