Three penny stocks having a field day on ASX today

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Three penny stocks having a field day on ASX today

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 Three penny stocks having a field day on ASX today
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Highlights

  • Small caps are underperforming the broader market today with the ASX Small Ordinaries index trading 0.05% lower at 3,450.
  • AML, RNT and VAR are some of the penny stocks rallying on Thursday.
  • Consulting a financial advisor is recommended before investing in penny stocks.

The Australian market is having a good day today, supported by a higher closing on Wall Street, despite the US inflation hitting a 40-year high. The benchmark ASX 200 index was trading 0.57% higher at 7,481 by 1:00 PM AEDT.

ASX penny shares

Image Source: © Cammeraydave | Megapixl.com

Small caps are underperforming the broader market today with the ASX Small Ordinaries index (ASX:XSO) trading 0.05% lower at 3,450. However, investors are enjoying massive rallies in some of the penny stocks today. Let us have a look at three such stocks.

  1. Aeon Metals Limited (ASX:AML)

Aeon Metals is an ASX-listed minerals exploration company, having an extensive exploration tenement portfolio in Queensland with prospects for base metals, gold, silver etc. The company has a market capitalisation of AU$32.03 million. In FY21, the company increased its net loss to AU$6.06 million, from a loss of AU$5.38 million in FY20.

Riding high on increased investors’ attention, AML shares have rallied over 18.92% to the last traded price of AU$0.044, as of 1:00 PM AEDT. The volume for the day so far has been recorded at 1.32 million shares.

  1. com.au Limited (ASX:RNT)

Rent.com.au is a dedicated Australian property rental portal. Apart from connecting potential renters to property owners, it also provides other services such as RentCheck, Renter Resume, RentBond etc, to facilitate smooth, transparent and efficient process of finding the perfect match.

RNT shares are one of the top gainers in the small-cap space today, having surged over 25% to AU$0.075, on the back of a volume spurt of over 6.4 million shares. Investors flocked to buy RNT shares after the company announced that it had received binding commitments to raise AU$2,500,000 via a share placement.

  1. Variscan Mines Limited (ASX:VAR)

Variscan Mines is also an exploration company that focuses on high-quality mineral deposits. The company’s portfolio of exploration sites includes base-metals projects in Australia, Chile and Spain. It is the smallest company on our list, with the market capitalisation of just over AU$11 million.   

The VAR share price has rallied by 20.93% to the last traded price of AU$0.052, as of 1:00 PM, AEDT. The stock has also clocked the highest volume for the year, at over 2.8 million shares.

Bottom Line

Investing/trading in penny stocks is a risky venture and investing without proper due diligence could lead to capital erosion to a great extent. Therefore, consulting a financial advisor before investing in this space is a must.

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