3 top penny stocks to buy today!

There are plenty of great penny stocks I’d buy today despite the uncertain economic outlook. Here are three I’m considering snapping up right now.

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Investing in penny stocks is a risk too far for many investors right now. Smaller companies like these tend to be viewed as particularly vulnerable when economic conditions worsen.

I don’t plan to stop seeking low-cost UK shares like these, however. There are plenty of rock-solid penny stocks out there to buy if one knows where to look. Here are three I think could deliver excellent returns for me in the near term and beyond.

Steppe Cement

Price: 36.5p per share
Market cap: £83.2m

Urbanisation rates in emerging markets like Kazakhstan are rising strongly. It’s a phenomenon that building materials supplier Steppe Cement is exploiting to full effect. Sales and profits at this penny stock leapt 13% and 53% respectively in US dollar terms last year.

The Kazakh construction sector is strongly growing thanks to financial incentives and favourable policies at government level. The consequent boost to housing and infrastructure building helped domestic cement demand rise almost a quarter (23%) year-on-year in 2021.

I’d buy Steppe Cement shares to capitalise on this theme. That’s even though political unrest in Kazakhstan creates some uncertainty looking ahead.

European Metals Holdings

Price: 42p per share
Market cap: £84.2m

I’ve been searching for top lithium stocks to buy as electric vehicle (EV) sales balloon. The silvery metal is a critical material in batteries that propel low-carbon cars around. And prices of the material are tipped to explode towards the end of the 2020s as supply shortages emerge.

All of this makes European Metals Holdings (LSE: EMH), which owns the huge Cinovec lithium project located in western Czechia, a stock I’m considering buying. This resource contains an estimated 7.39m tonnes of lithium carbonate equivalent and neighbours some of the world’s largest automakers.

I’m aware that problems in developing Cinovec could have an adverse impact on the company’s share price. But all things considered, I think European Metals has masses of investment potential.

Accrol Group

Price: 25p cents per share
Market cap: £79.7m

Trading at toilet tissue and kitchen roll manufacturer Accrol Group (LSE: ACRL) has been heavy-going over the past year. Soaring energy costs, raw material shortages and logistics problems have combined to toxic effect and prompted the release of multiple profit warnings.

Inflationary pressures remain a danger going forwards, of course. But I’m hoping that the penny stock has finally turned a corner. Most recent financials in mid-May showed the successful recovery of all input cost rises in a possible sign of things to come.

I also believe sales could balloon at Accrol as the cost of living crisis worsens. The business specialises in producing cheaper own-brand products, the sort that become more popular when shopping budgets come under pressure.

But Accrol is more than just a decent stock to own for these tough times. Market share growth has returned at the business more recently. And I’m tipping it to continue improving as the value retail boom of the past decade rolls on and savvy shoppers demand more bang for their buck.

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be assessed. Consider taking independent financial advice.

Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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