Why To Invest In 6 Hot Penny NZX Stocks After Budget 2021 Declaration? - RAK, JLG, CAV, CBD, GSH, MHJ

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Why To Invest In 6 Hot Penny NZX Stocks After Budget 2021 Declaration? - RAK, JLG, CAV, CBD, GSH, MHJ

 Why To Invest In 6 Hot Penny NZX Stocks After Budget 2021 Declaration? - RAK, JLG, CAV, CBD, GSH, MHJ
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Summary

  • Following the declaration of Budget 2021, the NZ market is flowing with optimism.
  • Rakon to announce its FY2021 results on 27 May.
  • Cavalier Corporation witnesses the departure of its CEO, while Cannasouth announces a new Quality Head.
  • Michael Hill International provides a trading update for FY21Q3, reflecting a continuous increase in its online sales.

Budget 2021 has touched upon all the major aspects of the New Zealand economy. With millions of dollars being pumped into the economy, the NZ market is hopeful and brimming with confidence.

Penny stocks, though risky and volatile, attracts small-time traders and investors because of low investment and affordability. Such stocks might generate huge profits if invested wisely and strategically.

These penny stocks are laced with unlimited market potential and allow investing in varied companies at the same time.

Source: Copyright © 2021 Kalkine Media

Here is a list of 6 hot NZX penny stocks worth investing following the declaration of the Federal Budget 2021.

Rakon Limited

Rakon Limited (NZX:RAK) is a leading global high-technology company, which deals in sophisticated frequency control and timing solutions.

As a result of the procurement of several valuable orders, the Company’s underlying EBITDA for FY2022 is likely to be in the range of NZ$27 million and NZ$32 million.

Further, RAK will declare its FY2021 results on 27 May 2021.

On 21 May, by the end of the trading session, Rakon climbed up 2.30% at NZ$0.890.

Read: 4 NZX Industrial Stocks You Can’t Ignore Easily - RAK, SCT, SKL, FRE

Just Life Group Limited

Just Life Group Limited (NZX:JLG) in its newsletter for May 2021 revealed that its rights issue would be closed on 21 May 2021.

Also, it has recently acquired ‘About Health’ for NZ$17 million and taken over a considerable part of ‘Designer Tanks’. Further, the Company has appointed Beatrice Faumuina as its brand ambassador.

On 21 May, Just Life Group ended the market session, flat at NZ$0.840.

Read: A Lens On 5 Big NZX Stories To Catch Up On Friday Afternoon - GNE, JLG, HMY, GMT, TLT

Cavalier Corporation Limited

Cavalier Corporation Limited (NZX:CAV) notified its shareholders about the departure of its CEO, Paul Alston. Until a suitable replacement is found, Alston would continue to work for the Company.

He was associated with CAV since 2012 and was the driving force behind the restructuring of the Company’s carpet business.

On 21 May, Cavalier Corporation closed the day’s trading session, decreasing by 1.19% at NZ$0.415.

Read: 5 Most Discussed NZX Penny Stocks To Explore In May- SKT, CAV, APL, MPG, ARB

Cannasouth Limited

Cannasouth Limited (NZX:CBD) is a biopharmaceutical research company, operating in New Zealand, and is focused on manufacturing medicinal cannabinoid compounds. It has recently appointed Satish Nand as its Quality Head. He would assume office from 21 June 2021.

His prime focus would be to help the Company in the processes related to the validation and GMP certification of the products.

On 21 May, by the end of the market session, Cannasouth was in green, rising by 1.27% at NZ$0.400.

Read: 5 Interesting NZX Penny Stocks From Healthcare Space Worth Exploring- TRU, RUA, CBD, BLT, And PHL

Good Spirits Hospitality Limited

Good Spirits Hospitality Limited (NZX:GSH) disclosed that as a part of its growth strategy to acquire new venues, the Company is under discussion with several firms.

Moreover, it is in advanced talks for the acquisition of a prospective site. GSH would keep its shareholders updated in case of any breakthrough.

On 21 May,  Good Spirits Hospitality ended the day’s market session flat at NZ$0.080.

Read: How Crucial Is NZ Finance Sector’s Role In Climate Change? A Look At 5 Related Stocks

Michael Hill International Limited

Michael Hill International Limited (NZX:MHJ; ASX:MHJ) in its Q3 FY21 trading update announced a continuous surge in its digital sales, up 69.2% on pcp. The Company witnessed an 11.6% rise in its all-store sales in the said quarter. Moreover, its loyalty programme now boasts of more than 600,000 members.

MHJ has significant cash reserves of more than NZ$50 million towards the end of the quarter.

On 21 May, by the close of the trading session, Michael Hill International was up by 3.53% at NZ$0.880.

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