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ASX closed in red; Nickel Mines surged nearly 8%; Pilbara Minerals up 5% in a mixed day for miners.

  • The ASX200 closed 0.6% lower today to 7353.10 points.
  • Nickel Mines surged nearly 8% on Shanghai Decent Investment Group MoU.
  • Pilbara Minerals also rose more than 5% on a mixed day for mining stocks.

The Australian market closed much the way it opened today, down 0.6% to 7353.10 points in what was a mixed day for mining stocks. The top stocks for Monday’s session were Nickel Mines, which jumped nearly 8% and Pilbara Minerals, up more than 5%.

The tech sector was down across the board with Corporate Travel Management unable to recover from this morning, closing more than 6% down, while Technology One closed 4% in the red, and Tyro Payments down 3.77%.

Bitcoin is trading nearly 3% lower at US$57,297.61 at 5.30pm AEDT.

The Australian dollar is stronger against the major currencies and is buying 72.37 US cents.

Shares in nickel growth company Nickel Mines surged nearly 8% today after the company announced the signing of a Memorandum of Understanding (MoU) with Shanghai Decent Investment Group, which sets out a framework for future collaboration over the next few years. Nickel Mines also said it would buy a 70% interest in the Oracle Nickel Project, which is a new development within the Indonesia Morowali Industrial Park (IMIP).

Making headlines, Pilbara Minerals’ shares rose by more than 5% on a mixed day for mining stocks. However, Gold Road Resources and Silver Lake Resources each fell by more than 4% today as the gold price attempted a recovery from an 8-day low, to trade above US$1,840.

And car maker Kia has added hybrid power to its seven-seat Sorento SUV for a A$$14,000 premium, which will have an electric motor and battery, allowing for an electric-only driving range of up to 68km.

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