Two ASX penny stocks making noise today

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Two ASX penny stocks making noise today

 Two ASX penny stocks making noise today
Image source: © 2022 Kalkine Media®

Highlights

  • ASX Small Ordinaries index has risen 0.73% to 3,461.6, as of 1:00 PM AEDT.
  • LRV and BLU are some ASX-listed penny stocks that are raking in high gains today.
  • Trading/investing in penny stocks should be done after proper due diligence.

The Australian market has been on a sharp recovery today, after a severe selling pressure witnessed on Thursday, leading to the worst fall in sixteen months. As of 1:00 PM AEDT, 10 out of the 11 sectors were trading higher, with large caps leading on the frontline.

ASX penny stocks

Image Source: © 2022 Kalkine Media®

Small cap stocks are also participating in this rebound and the ASX Small Ordinaries index (ASX:XSO) has risen 0.73% to 3,461.6. Penny stocks, the smallest of the lot are also making some big moves on the Australian bourse today. Let us have a look at two ASX penny stocks raking in big returns today.

Read More: Three ASX EV stocks that are on investors’ watchlist

  1. Larvotto Resources Limited (ASX:LRV)

Larvotto Resources is a new listing on the ASX that marked its debut on 6 December 2021. It is a mineral exploration company primarily focusing on copper and gold production, along with other minerals. Yesterday, the company announced that it is about to commence geochemical sampling program at the Eyre project in WA, as soon as the Native Title clearance is received.

This development has had a positive impact on investors, which lead its share price to rally 33.33% to AU$0.2 in today’s session, as of 1:00 PM AEDT. The market capitalisation of the company stands at AU$8.3 million.

  1. Blue Energy Limited (ASX:BLU)

Blue Energy is an oil and gas exploration company, having a market capitalisation of AU$70.2 million. Blue Energy has also been in the limelight as yesterday both state and Federal Governments have endorsed the need for the additional gas production capacity at the Bowen Basin and construction of gas pipeline infrastructure.

Blue Energy was already preparing for the drilling plans at its 100% owned ATP814 Project area in the North Bowen Basin. On Friday, BLU shares have shot up 30.43% to AU$0.06, as of 1:00 PM AEDT.

Bottom Line

Penny stocks are a risky venture to invest/trade due to higher volatility and low liquidity. Therefore, one should not be lured by these lucrative returns as they also incorporate higher risk. A proper due diligence is highly recommended before investing in these small-cap companies.

Read More: Why are ASX tech penny stocks disappointing investors in 2022?

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