Which penny stocks are racking up big gains today?

Summary

  • Environmental Clean Technologies has signed a five-year coal supply agreement with EnergyAus.
  • Lion Energy’s share price has opened with a gap up and surged 18.8% to AU$0.063.
  • Norwood Systems has received a further AU$170,000 contract from Avicena Systems for their software development.

The Australian benchmark index has continued its momentum today on the back of stronger-than-expected economic growth data released yesterday. Having marked a new-all time high of 7281.8 earlier in the day, the ASX 200 is trading 0.73% up at 7,270.4, as of noon.

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As the number of stocks gaining today are seen across the board, penny stocks are also not lagging behind in participating in this rally. Let’s have a look at a few of these stocks.

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

  1. Environmental Clean Technologies Limited (ASX:ECT)

Environmental Clean Technologies provides commercialised energy and resource technologies. Today the company announced that it has signed a five-year coal supply agreement with EnergyAus, enabling the company to access up to 50,000 tonnes per annum of lignite.

The ECT share price has surged 100% to AU$0.002, from the previous closing of AU$0.001.

  1. Red Mountain Mining Limited (ASX:RMX)

Red Mountain Mining has issued 5.5 million fully paid ordinary shares in the company in accordance with an investor awareness and marketing agreement with S3 Consortium Pty Ltd. The shares are being issued at a deemed issue price of AU$0.015 per share, representing a 66.6% premium to the last traded price of AU$0.009.

Image Source: © Tomas1111 | Megapixl.com

Following the development, the RMX share price has increased by 22.2% to 0.011, clocking a volume of over 58.3 million shares.

  1. TYMLEZ Group Limited (ASX:TYM)

On Wednesday, the company confirmed that it has dispatched documents related to in the Indicative Timetable for the Renounceable Pro-Rata Rights together with the accompanying personalised Entitlement and Acceptance. Under the offer, all eligible shareholders will be offered two ordinary shares in the Company for every one fully paid ordinary share held by them.

Today, the TYM share price has rallied 25% to AU$0.015. A total of 2.6 million shares changed hands so far.

  1. Lion Energy Limited (ASX:LIO)

Lion Energy’s share price has opened with a gap up after the company announced that it has signed a Memorandum of Understanding (MOU) with Wagner Corporation Pty Ltd to explore opportunities in green hydrogen and related infrastructure at Wagner’s Wellcamp Business Park and Pinkenba Wharf locations.

Image Source:  © Pichitbo | Megapixl.com

The LIO share price has reacted to the development and surged 18.8% to AU$0.063.

Read More: Lion Energy and GPI to terminate Sale Purchase Agreement

  1. Norwood Systems Limited (ASX:NOR)

Norwood Systems, which provides voice, messaging and data services, has received a further AU$170,000 contract for software development services from Perth-based Avicena Systems, in relation to the Avicena Sentinel pathogen screening instrument. On 16 December 2020, Norwood secured a AU$100,000 contract with Avicena to develop the ‘operational prototype’ requirements of its Automated Lamp Testing System.

The NOR share price has shot up 18.7% to AU$0.019 in today’s session on the back of a volume of 2.3 million shares.

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