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Highlights
- The ASX Small Ordinaries index shot up 1.27% to 3,294.8 by 12:30 PM AEST.
- HCD, CSE and ICE are three ASX penny stocks that are delivering massive returns on Friday.
- Penny stocks are highly volatile in nature and hence call for robust risk management while investing in them.
The Australian market continued its momentum from Thursday and is looking to end the week on a positive note. A strong closing on Wall Street has been the primary reason for an uptick in today’s session. The benchmark ASX 200 index was trading 0.87% or 64.3 points up at 7,420.8 by 12:30PM AEST.
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Small caps are also making a buzz today, trying to recover from sharp losses incurred during the week. The ASX Small Ordinaries index shot up 1.27% to 3,294.8 by 12:30 PM AEST, while some ASX penny stocks are massively outperforming the small-cap space today. Let us have a look at three such ASX stocks.
Read More: Bulls dominate ASX 200 at open on strong Wall Street cues
- Hydrocarbon Dynamics Limited (ASX:HCD)
HCD’s shares have been on a run since the beginning of the week. The company delivers chemical innovation through its PhaseShiftTM Platform that results in the reliquefication of the full spectrum of hydrocarbon solids. The company has a market capitalisation of AU$9.9 million and its share price has skyrocketed over 154% in this week alone, including today’s 52.63% rally to AU$0.029 by 12:30 PM AEST.
The company had recently been awarded the chemical treatment business for 30 wells with the receipt of a follow-up order from a large Australian oil and gas producer in the Cooper Basin, which is the catalyst behind the ongoing rally.
- Copper Strike Limited (ASX:CSE)
Copper Strike is an ASX-listed minerals exploration company having a market capitalisation of AU$19.8 million with 132.25 million issued shares. CSE’s share price surged to a high of AU$0.195 in today’s session, which is a new multi-year high for the stock, which is currently trading 26.6% up at AU$0.19.
The stock has been rallying since mid-March 2022 and has gained 90% in the last one month. There hasn’t been any major update by the company in the last few days and today’s volume is also subdued at just over 60K shares, which increases the susceptibility of this move.
- Intra Energy Corporation Limited (ASX:IEC)
The last stock on our list is Intra Energy, which is a Sydney-based mining company, has projects in Australia and Mozambique. The company has a market capitalisation of a mere AU$8.7 million with 585.78 million shares on issue and has been clocking diminishing revenues for last three years – from AU$52.27 million in FY19 to AU$37.77 million in FY20 to AU$13.48 million last year.
Today, IEC shares shot up by 26.67% to the last traded price of AU$0.019 by 12:30PM AEST on the back of a volume of 722.14K shares, but they are still trading 5% down for the week so far.
Bottom Line
Investing in penny stocks must be done after acquiring pertinent knowledge and relevant experience. These stocks are highly volatile in nature and hence call for robust risk management.
