AHI, MYR and AEV - Three ASX Penny Stocks Racing Higher Today

kalkinemedia2022-03-10

The Australian market is trading higher on Thursday, taking positive cues from a strong rebound of US stock market. However, a retreat in commodities is putting pressure on the materials and energy sectors, both of which were down by 2.02% and 2.95%, respectively (by 12:30 PM AEDT).

Investors in small-cap stocks are also relishing the rally, with the benchmark ASX Small Ordinaries index (ASX:XSO) surging 1.42% to 3,219, by 12:30 PM AEDT. Let us have a look at three ASX penny stocks that are delivering significantly higher returns than their small-cap peers.

Advanced Human Imaging Limited (ASX:AHI)

The first stock on our list is Advanced Human Imaging, a Western Australia-based technology company which develops Smartphone-based human scanning technology with a diverse range of applications in areas such as fitness, health, life insurance, etc.

AHI shares rallied over 38.46% to the last traded price of AU$0.27, by 12:30 PM AEDT on Monday. The spike in the AHI share price came after the company announced The Bank of New York Mellon Corporation (BNYMC) has reduced its stake in AHI. According to the latest filling, BNYMC now holds 13.62% voting rights, as compared to 14.64% earlier.

Myer Holdings Limited (ASX:MYR)

Myer is one of the leading Australian departmental store chains, having more than 60 stores in the country. MYR shares are on a tear today as the company has announced an interim dividend for the first time in four years – of 1.5 cents per share with a record date of 24 March 2022.

The company has declared dividend despite its statutory net profit falling to AU$32.3 million in 1H FY22, from a profit of AU$43 million a year ago. MYR shares were trading 20% up at AU$0.49, by 12:30 PM AEDT, clocking a massive volume of over 9.8 million shares, which is the highest one-day volume since September 2021.

Avenira Limited (ASX:AEV)

The last stock on our list, Avenira is a AU$12 million ASX-listed mineral exploration company that is currently focused on gold and phosphate deposits in Australia. Although, it is not a good day for gold mining companies (with gold prices tumbling around 2.8% yesterday, and is down another 1% today to US$1,971 an ounce), this miner is going against the grain.

AEV shares rallied over 21.43% to the day’s high of AU$0.017, by 12:30 PM AEDT after the company released the Wonarah Project update, stating the project is positioned to leverage strong phosphate demand growth in Cathode and Fertilizer markets. The volume for the day was recorded at over 7.11 million shares.

Bottom line

Higher volatility in penny stocks requires a robust risk management plan and a high-risk appetite. These aspects need to be taken care of while investing in penny stocks.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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