Five penny stocks defying the odds today

Summary

  • The APD share price has opened with a massive gap up of 47.5%.
  • KSN has shot up by 14.6% after the company released its corporate presentation.
  • The ARC share price has risen by 13.4% to AU$0.25, trading at the highest level since April 2021.

After Monday’s spectacular rally of about 1.3%, the ASX 200 has lost almost all of its gains today. As of 12:40 PM AEST, the benchmark index is 1.27% down at 7,081.5, trading around the level from where the rally started yesterday.

Image Source: ID 87767 © Webking | Megapixl.com

The market is maintaining a cautious stance ahead of the budget 2021-2022 while cues from Wall Street were also not supportive. Nevertheless, a few penny stocks are still beating the odds by delivering decent gains. Let’s have a look at a few of these penny stocks.

  1. APN Property Group (ASX:APD)

The APD share price has opened with a massive gap up of 47.5% and is currently trading at AU$0.9, compared to the previous closing of AU$0.61.

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The catalyst behind the rally is the announcement by Dexus which has entered into an agreement with APN, following the completion of due diligence, to acquire all of the stapled securities in APN Property for an all-cash consideration of 91.5 cents per security.

Read More: APN Property Group Provided Market and Distribution Guidance Update

  1. DevEx Resources Limited (ASX:DEV)

On Monday, DEV had released an investor presentation, updating about its projects and performance. The company said a high-grade uranium-copper-gold opportunity is present in a proven uranium system at its Nabarlek Project. DevEx is well-positioned to benefit from an improving uranium market.

After a 10.8% rally on Monday, the DEV share price has surged by another 13.7% to AU$0.29. A total of 1.9 million shares have been traded so far.

  1. Australian Rural Capital Limited (ASX:ARC)

On Monday after the market close, ARC had announced that it is conducting a fully underwritten entitlement offer to raise approximately AU$3.127 million. The proceeds of the offer would be directed towards working capital, besides other activities.

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The ARC share price has risen by 13.4% to AU$0.25, trading at the highest level since April 2021. The stock has also clocked an above average volume of 152K shares.

  1. Kingston Resources Limited (ASX:KSN)

The KSN share price has shot up 14.6% after the company released its corporate presentation, updating investors regarding the ongoing projects. The Misima Pre-Feasibility Study has demonstrated the robust economics of the project with low-cost operation driven by geology and scale.

Currently, KSN is trading at AU$0.235, its highest level since 13 April. A total of 956K shares have changed hands today. 

Read More: Kingstone Resources (ASX:KSN) Receives High-Grade Results from Livingstone Gold Project

  1. KenoMedia Limited (ASX:KNM)

The KNM share price has surged by 11.1% and is trading at AU$0.1, compared to the previous closing of AU$0.9.

Today, the company has confirmed that New York City Councillors have committed a further US$3 million to Connect ALL Kids, an education initiative for New York City public schools. KNM’s share of this third deployment is US$780,000 or approximately AU$994,000.    

Read More: Three ASX-listed tech stocks in the cloud computing space                                                                                   


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