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Futures, Giga Metals power up

Market futures are indicating a positive start to the week after the S&P 500 managed a slight gain on Friday.
Futures, Giga Metals power up Futures, Giga Metals power up Futures, Giga Metals power up Futures, Giga Metals power up Futures, Giga Metals power up

Giga Metals is aiming to help “power the EV revolution”

Staff reporter

Also on the rise, nickel sulphide junior Giga Metals (TSXV: GIGA) was asked to "please explain" when its shares started surging on Friday, then continued to soar before closing up 184.5% to C$1.65.

The company, which has the Turnagain project in British Columbia and had last week pointed to a potential squeeze on nickel supply, was said to be in talks with Tesla, according to Reuters.

"It is evident that interest in sustainable and carbon neutral nickel production is driving renewed interests in deposits such as Turnagain as the world will need significant nickel to meet future EV demand," president Martin Vydra said on Friday.

"What I can say is that there is no material announcement forthcoming and we will keep regulators and investors informed of any material changes that require disclosure in accordance with securities regulations."

Elsewhere, Brexit tensions continue, China's Golden Week is a fortnight away and the US is grinding towards the November 3 presidential election.

Gold was worth about US$1,940 an ounce on the spot market.

Base metals except aluminium closed higher on the London Metal Exchange on Friday.

Among the majors, Freeport-McMoRan rose 3.17% in New York, Barrick Gold lost 1.16% in Toronto and miners had a positive finish on Friday in London, where Anglo American, Rio Tinto and Glencore all gained more than 4%.