The Australian Market closed just a few points higher than its previous close, 0.32% on Wednesday. It closed gaining 22.80 points. The small ordinaries (ASX:XSO), on the other hand, closed 1.713% lower on the same day. With the small ordinaries down in general, let’s zoom into some stocks that were defying the gloomy sentiment.
Merchant House International (ASX:MHI)
Merchant House International topped today’s list of best performing penny stocks with massive gains. The company’s shares posted more than 38% gain today.
Merchant House International is involved in manufacturing and distribution of home textile and footwear products.
Post the trading session, the shares closed at AU$0.075 apiece, up 38.888%. The company didn’t make any significant announcements on the ASX today.
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Close the loop (ASX:CLG)
Close the Loop is an ASX-listed company, which claims to be world’s largest take back provider of ink and toner cartridges. Its shares closed up, gaining more than 29% on ASX, slashing the gloom. Today the company upgraded projections for financial year 2022 and provided a trading update. The shares closed at AU$0.480, up 29.729%.
Astron Corporation Limited (ASX:ATR)
Astron is an ASX-listed mining and processing company belonging to the broader materials sector. The shares of the firm went up to gain 20.91%. Its shares were trading at AU$0.650 by the noon trade session. The spurt in the price, despite the general small-ordinaries gloom, came in the absence of any newer announcements.
The company made last announcement almost a month ago.
The shares of the company closed at AU$0.630 apiece, up 14.545%.
Do Read: AMC, SSR, NUF: These 3 materials stocks to pay dividend in June 2022
Bottom line
Other than these three stocks, some best performers today featured Mamba Exploration, which closed 8.333% up; Dorsavi, that ended 20% up. The worst performers list had Pilbara Minerals and Ioupay Limited, closing down 22.033% and 17.073% respectively.
It is important for investors to understand the risks involved in investing in penny stocks. As the saying goes “there are no free lunches in the market”, if investors aim for exorbitant returns, then they must prepare themselves for equally high risks.
Read More: MHI, CLG, ATR: Penny Stocks making it big on ASX today