It turned out to be a very pleasant day for the S&P/ASX 200 Index (ASX: XJO) on Friday. By market close, the ASX 200 had gained a healthy 0.88% and vaulted back over 7,200 points. But it was an even better day for one ASX 200 share. That would be the Nickel Industries Ltd (ASX: NIC) share price.
Nickel Industries shares ended up finishing the day at $1.30 each, up a pleasing 6.58%.
So what was behind this spirited performance?
Well, it’s not entirely clear. There hasn’t been any major news out from Nickel Industries today. There were the results of the annual general meeting to consider though. These were released earlier this week. Perhaps the biggest consequence of note was the approval of the name change from Nickel Mines to Nickel Industries which was approved by shareholders.
It’s not known if this caused any added optimism for Nickel Industries shares today though.
So let’s consider something else. Over the week, a number of green metals shares saw some savage selling pressure. These included many ASX lithium shares, as well as Nickel Industries. Wednesday saw Nickel Industries lose almost 4%, which was backed up by another 1.6% loss yesterday.
So perhaps today’s bullish moves higher were just an answer to the selling we saw earlier in the week. Perhaps investors saw a bargain when the market opened this morning.
Whatever the true reason for Nickel Industries’ stellar performance today, it was no doubt welcomed by shareholders after such a wild week.
At the current Nickel Industries share price, this ASX 200 share has a market capitalisation of $3.51 billion.
The post Why did the Nickel Industries share price leap 7% on Friday? appeared first on The Motley Fool Australia.
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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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