The S&P/ASX200 closed higher Friday 9 June, gaining 22.80 points or 0.32% to 7,122.50, heading above its 200-day moving average.
The index has lost 0.32% for the past 5 business days, but has gained 1.19% year-to-date.
Nickel Industries (ASX:NIC) was a standout on Friday. The company soared 13.294% to a 7-week high of $0.98 following an announcement that Indonesian heavy equipment giant PT United Tractors has agreed to invest $943 million to buy a 19.99% stake in the company.
Nickel Industries reports a conditional placement to PT United Tractors, through its subsidiary, PT Danusa Tambang Nusantara at $1.10 per share representing a 12.25% premium to its Friday close trading price.
Nickel Industries soared 13.29% to a 7-week high of $0.98
West African Resources (ASX:WAF) finished trade Friday 5.325% higher, while Champion Iron (ASX:CIA) was up 4.470%, and Sandfire Resources (ASX:SFR) closed 3.614% higher.
The ASX finished higher on weak economic data supporting a pause in US rate hikes after the US Labor Department reported that first-time unemployment claims increased quite sharply in the past week.
The news has been seen as a possible sign that interest rate hikes were softening the US labour market.
