Australia's Nickel Mines snaps 5-day losing streak after Tsingshan's standstill deal

Pacific Nickel Mines

15/03/2022 01:02

** Shares of Nickel Mines  NIC.AX  rise as much as 3% to
A$1.185, after its shareholder and one of world's top nickel
producers, Tsingshan Holding, reached a standstill agreement on
LME nickel margins with banks
    ** The news helped stock post a modest gain amid a broadly
weak market, with the benchmark index  .AXJO  and miners
sub-index  .AXMM  down 0.8% and 4.2% respectively
    ** China's Tsingshan reached an agreement with banks under
which they will not make margin calls on or close out the
producer's nickel positions on the London Metal Exchange (LME),
the company said on Monday, a move sources said should help calm
the market  urn:newsml:reuters.com:*:nL2N2VH1TA
    ** NIC snaps a 5-day losing streak
    ** Stock logged its biggest weekly loss on record, dropping
over 25% over the past week
    ** NIC top gainer on the AXMM index
    ** Stock down about 20% this year, as of last close

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))