Which Penny Stocks were racking up massive gains despite the market gloom?

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Which Penny Stocks were racking up massive gains despite the market gloom?

penny stocks, ASX
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Highlights

  • The small ordinaries index closed 2.014% lower today.
  • Pearl Gull Iron Limited registered a gain of a massive 47.22%.
  • Mosaic Brands closed 17% higher.
  • Zimi Limited’s shares also racked up significant gains today.

The S&P/ASX200 closed lower on Thursday, dropping 101.40 points or 1.42% to 7,019.70. The small ordinaries too were surfing in the same zone. The small ordinaries index was highly affected and closed at AU$2908.900, down 2.014%.

But despite all the gloom, some penny stocks were racking up gains of more than 30%. Let us take a look at them.

Pearl Gull Iron Limited (ASX:PLG)

Pearl Gull Iron Limited registered a gain of a massive 47.22% today. It is an ASX-listed Minerals and Exploration company that focuses on the development of iron ores. The company has a market capitalisation of AU$3.601 million. The company’s shares closed 38.888% strong at AU$0.050 apiece today and the spurt came in the absence of any announcements being made.

Also read: NCM, EVN, NST: How are these ASX-listed gold stocks faring?

Mosaic Brands Limited (ASX:MOZ)

The shares of Mosaic Brands Limited were also racking up massive gains today. The company engages in the retail of women's apparel and accessories in Australia and New Zealand. Its shares today were trading 32.5% higher in the afternoon session, beating the market gloom. The company’s shares were negatively impacted by yesterday’s market update, where it announced that it expects to register a full-year loss in Financial Year 2022 as trading conditions fall lower than expectations, but the sentiment changed drastically today. Its shares closed 17.500% higher at AU$0.235 per share.

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Zimi Limited (ASX:ZMM)
Zimi Limited’s performance was closely tracked by investors today. The shares of this Australia-based technology company registered a spurt of 30% despite the gloomy market. The massive spurt in its share prices came in the absence of any significant announcements being made. The stock closed at AU$0.130 apiece today.

Conclusion

Well, except for our top picks, two Mining and exploration companies- St George Mining Limited (ASX:SGQ) and Adavale resources (ASX:ADD) also trended and closed 20.588% and 9.68% higher respectively.

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