Five penny stocks making a splash today

Summary

  • Frontier Resources has announced the final results from its trench sampling and mapping program.
  • The PNX share price has climbed 12.5% to AU$0.009, after the company released its quarterly report on Friday.
  • Carnavale Resources announced the completion of phase 3 aircore drilling at the Kookynie Gold Project, on 28 May.

Today is a cheerful day for investors, as the ASX 200 has surged past the 7200-mark for the first time ever. The benchmark index is trading flat at 7178, as of 10:45 AM AEST. Looking at the market breadth, 9 out of 11 sectors are trading in the positive zone, with the Healthcare sector gaining the most, up 0.8%. The US markets had also closed in the green zone, with the Dow Jones gaining 0.19% in Friday’s session.

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A few of the ASX-listed penny stocks have also joined the party, delivering massive intraday gains. Let’s have a look at a few of these stocks:

Read More: Three ASX shares with long-term growth potential

  1. Frontier Resources Limited (ASX:FNT)

Today, Frontier Resources has announced the final results from its trench sampling and mapping program along a “Fiexure Zone” at Kimono Central, where two drill targets have been identified. The sampling program confirmed the continuity of high-grade gold within a 360-meter long Flexiure zone.

Image Source: Megapixl.com

The FNT share price has surged 20% to AU$0.018 in today’s session, after retracing from the day’s high of AU$0.023.

  1. PNX Metals Limited (ASX:PNX)

The PNX share price has soared 12.5% to AU$0.009 in today’s session. A total of 10.1 million shares have changed hands so far.

The catalyst behind the rally is the company’s quarterly report for March 2021, released on Friday. The company finalised a sale and purchase agreement for the Glencoe gold deposit, a bolt on asset with the potential to significantly expand the Fountain Head gold project development. The company had AU$5.05 million cash on hand, as of 31 March 2021.

Read More: Frontier Resources Has Been Granted The Tolukuma Tenement For Two Years Term

  1. Locality Planning Energy Holding Limited (ASX:LPE)

The LPE share price has been trending up since 25 May. The stock is already up by over 40% in five trading sessions, including today’s 21.4% rally to AU$0.255.

Image Source: Megapixl.com

The company is an authorised electricity retailer in Australia and the reason behind its rally is the investor presentation where it said that it was targeting a 30% increase in customer growth (by 10,000). The company also expects to continue to expand its market leading position in residential embedded-networks.

  1. Connected IO Limited (ASX:CIO)

The CIO share price is trading 16.6% up, at AU$0.007 with a volume of 4.9 million shares. On Friday, the stock tanked 14.2% and today’s rally recovered all of the losses.

Connected IO Limited is a wireless technology innovator and manufacturer, which has recently completed a fully underwritten Entitlement Offer to raise up to AU$1,066,159 (before costs). It is also restructuring its balance sheet, which is expected to result in the company significantly reducing its borrowings and creditor balance.

Read More: Connected IO Secures Purchase Orders worth $300k for CM4NA Products

  1. Carnavale Resources Limited (ASX:CAV)

Another miner on our list, Carnavale Resources announced the completion of phase 3 aircore drilling at the Kookynie Gold Project on 28 May. All samples have been submitted to the laboratory for multi element analysis and gold fire assay.

Image Source: Megapixl.com

On 28 May, the CAV share price was up 16% and today it is up by another 14.2% to AU$0.008. Currently the stock is trading at the highest level of the day with a volume of just over 1 million shares.

Read More: Three ASX gold stocks to light up your portfolio as gold prices heat up

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