Nickel Industries Limited (ASX:NIC) Addresses Recent Stock Movements
Stock Price and Trading Volume
Nickel Industries Limited experienced a decrease in its share price from $0.755 to $0.595 accompanied by a significant increase in trading volume.
Explanatory Factors
The decline was attributed to a block sale of approximately 178.5 million shares by PT Harum Energy TBK as part of their liquidity management. Additionally, press reports highlighted a proposed increase in Indonesian nickel royalties from 10% to between 14-19%. Market downturns, including a 2.1% drop in the Dow Jones Index, also contributed to the trading activity.
Compliance with Listing Rules
The company confirmed its compliance with ASX Listing Rules, specifically Listing Rule 3.1, and affirmed that all responses to ASX inquiries were authorised and approved according to its continuous disclosure policy.
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