Which Penny Stocks are making it big in the market today?

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Which Penny Stocks are making it big in the market today?

penny stocks, ASX
Image source: © Inueng | Megapixl.com

The Australian market opened the session on a positive note today. The benchmark ASX 200 was trading 1.14% up. After a moment of gloom, the small caps are also back on track. They participated in the rally as the ASX Small Ordinaries index surged by 1.31%. In that vein, let us have a look at three ASX penny stocks that are performing very well today, with their gains exceeding the mark of 25%.    

Also Read: WOW, MYD, COL, JBH: What’s moving these ASX retail stocks today?

VEEM Limited (ASX: VEE)

It is a designer and manufacturer of disruptive, high technology marine propulsion and stabilizing system. The shares of the company today were doing very well in the market. They were up by almost 25.56%, priced at around 56 cents at noon. This exceedingly well performance for the day has come despite any recent announcements. The last time it was announced on ASX was weeks ago. VEEM had a few rough months, where its share price was down by 32%, but now it is doing better. Also, the company has a market capitalization of about AU$61 million. 

Besra Gold (ASX: BEZ)  

It is a gold mining company with premium land assets across South Asia. Today, the company's shares were faring brilliantly well on ASX with a surge of almost 34% in the price. They were priced at around 6.7 cents in the afternoon. Besra Gold has a market capitalization of approximately $15 million. Although there were no major announcements made on ASX by the company today, on May 18, it announced that it had commenced drilling at its gold project in Malaysia. Its shares were up by 25% on the same day as well.  

Also Read: Here's why Block Inc (ASX:SQ2) closed over 9% strong today  

Carbine Resources (ASX:CRB)

It is an Australia-based resource company whose shares were trending in the top gainers today on ASX. The shares were trading at almost 25% higher than their previous close. Carbine Resources shares were priced at around 2.5 cents at noontime. The shares, however, are down by 16.67% on a year-to-date basis. Also, the company has a market capitalization of about AU$9 million. It is also important to note that today's price rise has come despite any important announcements being made.   

Conclusion
All this being said, all investors need to note that it is not wise to fall for windfall profits from these penny stocks as these stocks are highly volatile in nature and may nosedive at the same pace, if not more. Therefore, investors must do proper due diligence before investing in penny stocks.   

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