LRV, AW1 & WIN – Three ASX penny stocks defying market gloom today

Be the First to Comment Read

LRV, AW1 & WIN – Three ASX penny stocks defying market gloom today

 LRV, AW1 & WIN – Three ASX penny stocks defying market gloom today
Image source: © 2022 Kalkine Media®

Highlights

  • The Australian market opened with a deep cut of around 1.5%, spooked by US Fed Chair’s comments on aggressive interest rate hikes.
  • LRV, AW1 and WIN shares have been going against the grain in today’s weak market.
  • Investing in penny stocks is a risky venture as these stocks are relatively highly volatile.

The Australian market is trading on a weak note today, spooked by US Fed Chair Jerome Powell’s comments on “taming inflation” and a possible 50 basis points’ hike on the table. The US market closed in the red yesterday, while the Australian market opened today with a deep cut of around 1.5%.

ASX penny stocks to buy 2022

Image Source: © 2022 Kalkine Media®

Small caps are also witnessing some selling today with investors’ risk appetite taking a back seat over rate hike worries. The ASX Small Ordinaries index (ASX:XSO) plunged 1.73% to 3,334.7 by 12:30 PM AEST today. However, as usual, some ASX penny stocks have managed to attract investors’ attention with their massive gains despite a weak market. Let us have a look at three such stocks.

Read More: ASX 200 bleeds over 1.5% as Wall Street plunges on rate hike fears

  1. Larvotto Resources Limited (ASX:LRV)

The first stock on our list is a AU$19.5 million Western Australia-headquartered ASX miner, Larvotto Resources. The company focuses on multiple in-demand commodities such as gold, copper, cobalt, etc. The LRV share price jumped 14.2% to a new all-time high in today’s session to the last traded price of AU$0.4.

The stock has been continuously making new highs for the last few days and has also received an ASX price query seeking a justification for the price rise.

  1. American West Metals Limited (ASX:AW1)

Founded in 2020, American West Metals is a mining company with a market capitalisation of AU$33.04 million. It is a relatively new listing on the ASX, having made its debut on 13 December last year at AU$0.145.

Today, AW1 shares have rallied to a new all-time high of AU$0.265, currently trading at AU$0.25, gaining 21.95% by 12:30 PM AEST. Since its listing, the stock has delivered a massive return of 72.4%. The volume for the day is also on a higher side, at over 1.35 million shares.

  1. Widgie Nickel Limited (ASX:WIN)

The last stock on our list is a Perth-based Australian miner with a unique consolidation of a 240km2 package of highly prospective nickel and other metals. The company has a market capitalisation of AU$108.8 million and its share price has surged over 10.34% to the last traded price of 0.48 by 12:30 PM AEST.

However, there has not been any announcement by the company today. The stock has delivered a high return of over 92% this year, primarily due to a surge in nickel prices which caught the attention of investors.

Bottom Line

Investing in penny stocks is a risky venture as these stocks are relatively highly volatile and often move erratically in case of a fundamental development. Therefore, before investing in them, investors must do a proper due diligence.

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

Disclaimer

Speak your Mind

Featured Articles

Ad
kalkine logo

GET A FREE STOCK REPORT

Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK