IPB, BXN & X2M: Three ASX penny ticking over 10% higher today

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IPB, BXN & X2M: Three ASX penny ticking over 10% higher today

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 IPB, BXN & X2M: Three ASX penny ticking over 10% higher today
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Highlights

  • The benchmark ASX Small Ordinaries index plunged more than 2.9% to 3,125.1 by 12:30 PM AEST.
  • IPB, BXN & X2M are three ASX penny stocks that are up over 10% today.
  • Investors should do a proper due diligence before investing in penny stocks.

The Australian stock market opened today’s session with a deep cut of over 2%, taking cues from a sharp sell-off on Wall Street, as investors fretted over aggressive rate hikes across the world which led to a noticeable dent in investors’ risk appetite.

Small caps, being more volatile, have been leading the fall today, with the benchmark ASX Small Ordinaries index (ASX:XSO) falling more than 2.9% or over 95 points to 3,125.1 by 12:30 PM AEST. However, some ASX penny stocks are providing investors some cushion with their double-digit gains. Let us have a look at three such stocks.

Read More: ASX 200 tanks 2% amid bloodbath on Wall Street

  1. IPB Petroleum Limited (ASX:IPB)

Founded in 2009, IPB Petroleum is a Sydney-based Australian oil and gas exploration company, having a market capitalisation of a mere AU$4.3 million with 336.85 million issued shares. The company put up a slightly better performance in FY21, slashing its net loss to AU$449.58K, compared to AU$512.82K loss in FY20.

Today, IPB shares were going against the grain and rallying 15.38% to the last traded price of AU$0.015 by 12:30 PM AEST. The volume for the day stands at 252.5K shares so far, as compared to a 90-day average of 525.7K shares.

  1. Bioxyne Limited (ASX:BXN)

Bioxyne is a New South Wales-based life sciences company that engages in research and development of clinically proven health and wellness products. The company has a market capitalisation of AU$10.24 million with a total of 640.14 million issued shares. The company has been reeling under losses for several years, last clocking a loss of AU$0.49 million in FY21.

BXN shares also stood their ground in a gloomy market, ticking 12.5% higher at AU$0.018 by 12:30 PM AEST, on the back of a below-average volume of 43.12K shares. Today’s rally also helped investors to pare the loss of 5.88% incurred yesterday.

  1. X2M Connect Limited (ASX:X2M)

The last stock on our list is a Sydney-based Internet of Things (IoT) platform. X2M provides IoT technology for the utility sector. The company has a market capitalisation of AU$17.5 million with 140.1 million issued shares.

Although, there has been no announcement by the company today, X2M shares have witnessed increased investor attention, leading to a price surge of 12% to AU$0.14 by 12:30 PM AEST.

Bottom Line

Investors should do a proper due diligence before investing in penny stocks as these stocks are highly volatile in nature and may easily dent one’s capital significantly in a short span of time.

Read More: Five ETF portfolio strategies to sail through volatility

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