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The Penny Picks || Are Penny Stocks The Hottest Ticket In Australian Share Market? - YouTube
Channel: Kalkine Media
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Hello everyone! Good afternoon. This
is Holly, live from Kalkine Studio.
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And you are watching ‘The Penny Picks’. Let us
zoom our lens on the market performance today,
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and how penny space continues
to be under the spotlight.
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Australian shares fell on Thursday, as
gold stocks and miners slumped on weaker
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commodity prices, with the mood largely
negative as U.S. equities dipped overnight
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after Federal Reserve officials projected
hikes in interest rates by 2023.
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Wall Street's main indexes closed overnight
session lower as the U.S. central bank indicated
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that it could begin raising interest
rates a year earlier than expected,
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which caused a sell-off of U.S.
Treasuries and boosted the dollar.
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The S&P/ASX200 is lower today, dropping 14.30
points or 0.19% to 7371.90 after setting a
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new 52-week high. The bottom performing stocks in
this index are WHITEHAVEN COAL LIMITED down 11.03%
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and REDBUBBLE LIMITED, down 8.77%. Over
the last five days, the index has gained
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0.95% and is currently 0.46%
off of its 52-week high.
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Looking at sectoral charter, the gold index
fell the most, to hit its lowest level
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in nearly six weeks, as prices slid over
projections of the Fed's rate hikes. Australian
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gold miners such as De Grey Mining (ASX:DEG),
Evolution Mining (ASX:EVN), Ramelius (ASX:RMS),
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Newcrest Mining (ASX:NCM) and Northern Star
Resources (ASX:NST) inched lower today.
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Then, leading miners declined as iron ore futures
fell on increasing supply, with index majors BHP
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Group (ASX:BHP), Rio Tinto (ASX:RIO) and
Fortescue Metals Group (ASX:FMG) trading in red
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The Australian energy index also retreated,
despite oil prices hitting multi-year
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highs. Woodside Petroleum (ASX:WPL), Oil Search
(ASX:OSH) , Beach Resources (ASX:BPT), and Origin
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Energy (ASX:ORG) traded in red. Then, Whitehaven
Coal (ASX:WHC) was the top loser after the coal
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producer cut its 2021 coal output forecast due to
downtime at Narrabri mine in New South Wales.
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Bucking the trend, financial sector rose, with all
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of the "Big Four" banks
trading in positive territory.
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On economic front, RBA’s dovish
stance as evident from Lowe’s
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latest speech is catching attention, while the
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US, Canada and NZ have already indicated somewhat
hawkish tone in their recent monetary policy
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update. Meanwhile, Australian job
creation blew past expectations
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in May as unemployment dived to pre-pandemic
lows, a major upside surprise that will test
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policy makers' commitment to keeping rates at
historic lows for another two years or more.
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On that note, investors are closely eyeing
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lucrative penny stocks to tap gains amid
the overall supercharged market momentum.
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While it is hard to completely evade the
inherent risks associated with penny stocks,
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high reward seeking investors can keep penny
stocks under their radar to add an extra
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layer of diversification to the stock portfolio.
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Let us look at few penny stocks
under the investors’ radar today.
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To begin with, gold explorer Castle
Minerals (ASX:CDT) soared on
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base metals confirmation
at Earaheedy Basin Project.
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According to the company, review of historic
exploration reports confirms base metals at
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Withnell and Terra Rossa project areas
in Western Australia. Several base metal
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anomalies identified by various explorers on
Terra Rossa licence application areas.
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Next, outsourcing services
provider eCargo Holdings
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(ASX:ECG) rose on partnership
with NZ's Fonterra unit.
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eCargo has launched its Digital Wholesale
Marketplace to connect Australian brands
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with Chinese retailers with NZ-based dairy
giant Fonterra. Under agreement, Fonterra's
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Australian dairies brand will be connected to
4,000 points-of-sale across mainland China.
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Meanwhile, children-focused GPS and smartwatch
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maker Spacetalk (ASX:SPA) climbed on
smartwatch sales deal with Woolworths Mobile.
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Notably, an arm of retail giant Woolworths,
Woolworths Mobile, has developed a bundle
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consisting of a device and prepaid plan
offer for Spacetalk's customers. The sales
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of Spacetalk smartphone watches through Woolworths
Mobile will commence soon under the deal.
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Moving on, natural skincare
and health products maker Bod
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Australia (ASX:BDA) rose on expansion into
UK through deal with new online retailers.
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Bod Australia has broadened its sales footprint in
the United Kingdom via two new online retailers.
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The company stated two of Europe's leading online
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retailers to stock its entire range
of cannabis-based products in the UK,
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after agreement secured by company’s exclusive
partner Health & Happiness.
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Then, medical marijuana
producer AusCann Group (ASX:AC8)
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witnessed best day in over
4 months on facility lease.
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AusCann has entered agreement to lease
its R&D facility in Western Australia
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to forensic tech firm Source
Certain International.
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The company is expected to receive A$475,000
per year in rent as part of a five-year lease.
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Meanwhile, few penny stocks are trending
lower, tracking broader market sentiments.
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Online travel
marketplace Jayride Group (ASX:JAY) dropped after
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share placement.
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Jayride undertook a placement of
47.6 million shares at 21 cents
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per share to raise A$10 million. Notably,
the Placement price is at 23.6% discount
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to company's last close price of 27.5 cents.
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The company also announced share purchase plan
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to raise up to A$1 million on
same terms as the placement.
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Well, I will here mark an end to
my discussion on penny stocks. At
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the end of the show, I would like to
highlight that investors should
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carry out quality stock research and invest
wisely before placing a trade on them.
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Well that’s all for no! Stay tuned
with Kalkine TV for more stock,
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business and economy related buzzing trends.
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