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Highlights
- The ASX Small Ordinaries index surged over 1.1% to 3,384 by 12:20 PM AEST today.
- SYA, GED and PUR are three ASX that kicked off this week with a bang.
- Penny stocks are highly volatile; therefore, investors must stick to proper risk management while investing in them.
The Australian market surged higher on Monday, taking positive cues from a modest closing on Wall Street on Friday. Also, the US yield curve inversion, which is seen as a strong indicator of recession, failed to dent investors’ sentiments.
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Coming to penny stocks, they are also enjoying a decent rally today with the benchmark ASX Small Ordinaries index soaring over 1.1% or 38.2 points to 3,384.5, the highest level since 10 February 2022. Let us have a look at three ASX penny stocks which are grabbing attention today with their massive returns.
Read More: Three timeless lessons for investors from billionaire Ray Dalio
- Sayona Mining Limited (ASX:SYA)
Sayona Mining is one of the fast-growing lithium producers in Australia, having projects in Australia and Canada. The company has a market capitalisation of AU$1.77 billion. The SYA share price surged 34% to AU$0.335 by 12:20 PM AEST in today’s session, marking an all-time high since its listing in 2013.
The catalyst behind today’s rally is another confirmation of the high-quality Authier spodumene, following a successful testing by Novonix, a leading lithium-ion battery manufacturer. Sayona product samples matched the results equally.
- Golden Deeps Limited (ASX:GED)
Golden Deeps is an ASX-listed mining and exploration company currently focusing on the world-class Otavi Mountain Land Copper District of Namibia. The company has a market capitalisation of AU$10.08 million. GED shares were up 38.46% to AU$0.018 by 12:20 PM AEST in today’s session, clocking a massive volume of over 131 million shares so far.
Investors flocked to buy GED shares as the company announced that it has intersected exceptional, thick and high-grade intersections of copper-vanadium-lead-silver mineralisation at its Nosib Block Prospect.
- Pursuit Minerals Limited (ASX:PUR)
The last stock on our list, Pursuit Minerals is also a miner focusing on gold, vanadium, nickel etc., having projects in Australia, Finland, Sweden and Norway. The company has a market capitalisation of AU$26.4 million. The PUR share price continued its last week’s rally, gaining 32.14% to AU$0.037 over Friday’s 47.37% surge. On both the days, the company registered a volume of over 31 million shares each.
The rally was supported by Friday’s announcement that multiple gold and copper targets were identified after analysis of auger soil sample assay results from the Calingiri East tenement, Warrior Project.
Bottom Line
Penny stocks are highly volatile, primarily due to low liquidity, which makes them relatively easier to move. That means, these lucrative returns can also materialise into severe losses in the blink of an eye. Therefore, investors must stick to proper risk management while investing in them.
Read More: RGL, LRS & CXM - Three ASX mining penny stocks that surged over 150% in March
