Good afternoon and welcome to Kalkine Meida, James Preston with you and it’s great to
have your company for the penny picks program. Lets focus our lens on the market performance
today, and how penny space continues to be under the spotlight.
Today, the Australian markets have been performing quite well, led by gains in energy stocks
and positive cues from the US market. Since morning, the benchmark index has been trending
towards north without any major halt or correction.
The Wall Street rally had been supported by gains in technology shares after investors
regained a risk appetite and kept inflation worries on the sidelines for the time
being. That occurred whilst, Oil prices edged higher on Monday as increased COVID-19
vaccination drives gave market participants an optimism that the market can absorb any
supply of Iranian oil that would come in the market if Western talks with Tehran materialised
to the lifting of sanctions.
Basically, prospects of global economic recovery, the overnight Wall Street rally,
and the crypto revival are reflecting signs of positivity in the investors’ psychology. However, inflation
anxiety, latest and upcoming upbeat US data favouring Fed tapering and China’s
crackdown on commodity trading are keeping the market sentiments jittery.
With the broader market trending up for the day, let’s have a look at a few penny
stocks that are under the spotlight today:
To start with, Variscan Mines is the star performer for the day. The stock has more
than doubled in today’s session, delivering a massive return. Variscan Mines is a
growth orientated, natural resources company focused on the acquisition, exploration and
development of high quality strategic mineral projects. The Company's portfolio of high-impact
base-metals interests includes projects in Spain, Chile and Australia. Today’s
stock rally has been supported by the company’s discovery of mineralised lenses below areas
of known mining activity in two separate north-south trends of the Central Zone. Drilling has discovered
new zinc-rich mineralised lenses. And further core samples from 20 drillholes have been
submitted to ALS for assay testing, of which the results are still pending.
Lets move onto the Next penny stock, Devine is another company that has delivered a triple
digit return in today’s session. At the high of the day, Divines share price was up
by a stageering 108%. Devine is one of the most recognised brands in the Australian
residential property sector proudly standing by its record for quality and value. Today’s
stock rally was attributed to CIMIC’s offer to acquire all of the shares in
Devine that it does not already own pursuant to an off‐market takeover at a price of
24 cents per share. The offer price represents a 100.% premium to the last close price, hence
the stock rallied by 100%.
Theres still more penny stock news to get through and well dive head first into all
of it in just a moment – stay with us on Kalkine Media
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Good afternoon and welcome back to the penny picks, im james preston with you live from
Kalkine Media’s studios in sydney
Lets Move on to the next penny stock, 3D Resources is trading up by 25%.
3D Resources is a minerals explorer targeting high value commodities such as gold, copper,
lead, zinc and nickel across Australia with a particular focus on Gold. The company owns
the Adelong Gold Mine in New South Wales together with “advanced mineral projects” in Western Australia
. Notably, the Company is on the path to becoming a mineral producer. Today, the
company announced that it would be commencing a 2000m Reverse Circulation drill program
at Challenger Gold Project in early June 2021. It has also received approvals for additional
drilling to start on prime targets at Donkey Hill, Lady Clare, Gibraltar and Sawpit
Projects. The Appointment of Mr Ashley Bennett as the Exploration Manager to expedite exploration
activity was another update from the company which is anticipated to potentially have positive
ramifications. Lets turn our focus to caspin resources whove trended for the second consecutive
day in the penny space. It is the second consecutive day for the Caspin Resources
Limited (ASX:CPN) to be trending in the penny space. In just two days the Caspin Resources
Limited (ASX:CPN) stock has jumped from below a dollar mark to above AU$2. Caspin Resources
Limited is a mineral exploration company. The Company develops and explores gold and
base metal projects. Yesterday, the company announced that its two holes have encountered
significant widths of sulphides at the Yarawindah Brook Nickel-Copper- PGE Project. It has also
received a co-funded drilling grant through the WA Government Exploration Incentive Scheme
which will allow the company to drill the deepest hole at Yarabrook Hill to date
which will give it a huge amount of new geological information as well as another opportunity
for discovery.
Next major news in penny space is from a life-science company Invion Limited (ASX:IVX).
Well, Invion has announced today said that promising preliminary results of tests
show that INV043 (the latest Active Pharmaceutical Ingredient using the Photosoft technology)
has ~50 times greater phototoxicity than Invion’s previous API (Active Pharmaceutical Ingredient). These
results provide direct proof-of-principle for the use of INV043 as a cancer therapy. Invion is
an Australian life-sciences company focussed on transforming Photodynamic Therapy (PDT)
for novel and effective treatments for cancer. Invion is leading the global research and development
of the Photosoft™ technology and holds the Australia and New Zealand license and
distribution rights to the Photosoft™ technology.
And lastly, the shares of penny player and bio-material maker Nanollose Limited (ASX:NC6)
gained as much as 9%. The Company shared the first shipment of its refined Microbial
Cellulose fibre has been dispatched to a facility in India, where it will be used to generate
samples for potential use in fashion and textiles industries. Nanollose Limited utilises
an eco-friendly fermentation method for manufacturing fibres to replace conventional plant-derived
cellulose fibres with a sustainable alternative. Cellulose forms an enormous part of items
used for hygiene products, clothing, and paper.
Well, that’s all for now! Stay tuned for more live updates on Kalkine TV across
economy, markets and sectors.