Never a truer word has been spoken. Trees don't grow to the sky as they say.
ASX-listed nickel miners have surged in early trading, after the Philippines passed a bill through its lower house requiring all minerals extracted in the country to be processed prior to export. Nickel prices zoomed higher on the London Metals Exchange overnight, rising to more than US$19,000 per tonne. Mincor Resources NL (ASX: MCR), Poseidon Nickel Ltd (ASX: POS), Western Areas Ltd (ASX: WSA) and Independence Group NL (ASX: IGO) have all soared more than 1.5% higher.
Poseidon Nickel has surged more than 192% since we wrote this article in April this year.
Pallets group Brambles Limited (ASX: BXB) has announced the acquisition of UK-based Ferguson Group for Â£320 million as it looks to expand its specialist containers business. Ferguson provides over 18,000 containers to the offshore oil and gas industry to transport products and equipment.
The market doesn't appear to like the move much, with Brambles shares trading down 0.5% in early trade.
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