It’s time to ban penny stocks from Australia’s flagship share index
If you want to attract and win the trust of serious overseas investors including sovereign wealth funds, pension funds, and asset managers you don’t want a flagship index pockmarked by penny stocks.
Tom RichardsonMarkets reporter and commentatorJun 26, 2023 – 11.00amPenny stocks are rearing their ugly heads on Australia’s flagship S&P/ASX 200 Index with alarming regularity, in a reflection of the market’s deteriorating quality, as the ASX shrinks for the first time in 18 years.
Last week, Australia’s flagship index resembled a penny stock casino, with shares in lithium explorer Lake Resources crashing 38 per cent to 29.5¢ after it revealed a six-year delay to its Argentinian lithium project. Speculative biotech Imugene finished the week at just 8.9¢, with tech hopeful BrainChip losing 13.8 per cent over the week to 34.5¢.
Level-headed, blunt assessment of Lake Resources, page-145
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Change
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Mkt cap ! $66.74M | |||
| Open | High | Low | Value | Volume |
| 4.0¢ | 4.3¢ | 4.0¢ | $430.7K | 10.53M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 11 | 1033639 | 4.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 4.1¢ | 60654 | 3 |
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