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Prime Minister Justin Trudeau-led Liberal government is all set to table the federal budget on Monday, April 19, after a two-year wait. Expectations from the budget include a stimulus package, push for clean energy, a bailout for the aviation industry, among other things. Amid all this, the Canadian government will also try to curb its inflated fiscal deficit.
As the country gears up for this fiscal budget, here are four penny stocks you can explore before it is announced next week.
Rock Tech Lithium Inc (TSXV:RCK)
The demand for Lithium-based batteries has been on the rise over the last few years due to the electric vehicle (EV) industry expansion. Riding this trend, clean energy resource explorer Rock Tech Lithium has trained its focus on its lithium hydroxide converter project.
On the stock front, Rock Tech surged by about 870 per cent in the past one year, guided by the EV industry’s success. The lithium stock continued its growth trajectory this year as well, skyrocketing by 187 per cent year-to-date (YTD).
The Vancouver-based firm’s share price has improved by 900 per cent to C$ 4.85 per piece against its 52-week low of C$ 0.485 (May 7, 2020).
Uranium Royalty Corp (TSXV:URC)
Stocks of Uranium Royalty Corp have also been gaining momentum due to the rising demand of green energy and Canada’s zero-emission initiative. As per the closing price of C$ 3.95 from Friday, April 9, its shares have gained about 299 per cent in the last one year and have risen 171 per cent YTD. It set its 52-week high of C$ 4.13 a week ago (April 5).
The stock might stay bullish over the rising nuclear energy production as Uranium Royalty holds interests in uranium exploration companies and procures the metal.
Image Source: Kalkine Group @2021
Global Crossing Airlines Group Inc (TSXV:JET)
Transportation firm Global Crossing Airlines provides Airbus A320/330 fleet to tour operators and professionals. The junior airline stock is likely to register an impact in case of a much-awaited aviation sector relief package in the upcoming budget and the relaxation of COVID-related flight restrictions.
The airline stock has yielded 374 per cent in the last one year and swelled by more than 172 per cent YTD. However, it has dipped by over 28 per cent to C$ 2.37 per share from its 52-week high of C$ 3.3 per piece (July 3, 2020).
CurrencyWorks Inc (TSXV:CWRK)
Blockchain-based financial firm CurrencyWorks saw its stocks skyrocket by as much as 5,216.7 per cent in one year. Propelled by the cryptocurrency craze, the junior capital market stock has also zoomed nearly 491 per cent YTD, outperforming Bitcoin’s token surge of 105 per cent YTD.
CurrencyWorks offers compliance-driven crypto platforms to enterprises. It also provides a Non-Fungible Token (NFT) platform, settling transactions in Ethereum and Bitcoin.
The Canadian government has already announced its plans to regulate crypto platforms to allow fair play in this emerging industry. Finance Minister Chrystia Freeland is also likely to make a statement on the crypto market regulation in the upcoming budget next week.
