BMG, LNU & MCA - Three ASX penny stocks going against the grain today

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BMG, LNU & MCA - Three ASX penny stocks going against the grain today

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 BMG, LNU & MCA - Three ASX penny stocks going against the grain today
Image source: © 2022 Kalkine Media®

Highlights

  • The ASX Small Ordinaries index fell over 2.09% to 3,276 by 12:30 PM AEST.
  • BMG, LNU & MCA are three penny stocks standing firm in a gloomy market.
  • One should not be carried away by lucrative returns from penny stocks and must do proper due diligence before investing.

Surging COVID-19 cases in China and renewed concerns over interest rate hikes have spooked the Australian market today. The benchmark ASX 200 index plunged over 2.3% at the open with all 11 sectors witnessing selling pressure.

ASX penny stocks to buy 2022

Image Source: © 2022 Kalkine Media®

Small caps have also not been spared from the intense selling pressure with the ASX Small Ordinaries index (ASX:XSO) falling over 2.09% to 3,276 by 12:30 PM AEST. However, some ASX penny stocks have managed to resist today’s selling spree and are delivering massive gains to investors. Let us have a look at three such stocks.

Read More: VTG, FEX & BSE: Three ASX penny stocks paying highest dividend

  1. BMG Resources Limited (ASX:BMG)

BMG Resources is a minerals exploration company based in Western Australia. The company is primarily into the production of gold and is developing gold resources. It has a market capitalisation of AU$11.5 million and its share price jumped over 50% to the last traded price of AU$0.054 by 12:30 PM AEST today.

BMG shares caught investors’ interest after the explorer confirmed that assays from its recent diamond drilling program at the Abercromby Gold Project have delivered another excellent batch of gold results. The stock has also clocked a massive volume of over 20 million shares so far.

  1. Linius Technologies Limited (ASX:LNU)

Linius Technologies develops and commercialises video file technologies, which put the viewer in complete control of their viewing experience. The company has a market capitalisation of AU$18.5 million and its share price rallied 30% to 0.013 in today session by 12:30 PM AEST, trading at the highest level of the month so far.

Currently, there hasn’t been any update released by the company that could justify the price move, however, a volume of over 8.8 million shares – which is the highest in over one and half months – shows increased investors’ interest.

  1. Murray Cod Australia Limited (ASX:MCA)

The last stock on our list is Murray Cod Australia, which is a AU$153 million breeder, grower and supplier of pond-grown Murray Cod – a large Australian predatory freshwater fish. MCA shares are also holding their ground in this weak market, delivering a high 15% intraday return to shareholders, to the last traded price of AU$0.23 by 12:30 PM AEST.

Last month, MCA shares hit a 52-week low of AU$0.16 and since then, have recovered a bit. Today’s volume of over 658K shares is the highest for the month so far.

Bottom Line

Penny stocks are infamous for their increased volatility and high risk. One should not be carried away looking at these lucrative returns and do their proper due diligence before investing in them.  

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