HK Stock Market Move | LYGEND RESOURCE (02245) rose over 6% in morning trading; it will release its Q3 results this Thursday and expects profit for the first three quarters to rise by 50% year-on-year.

LYGEND RESOURCE (02245) rose over 6% in morning trading. As of press time, it was up 6.16% at HK$17.41, with turnover of HK$37.5251 million. On the news front, LYGEND RESOURCE will hold a board meeting on October 29 (this Thursday) to review and consider approval of its third-quarter results. LYGEND RESOURCE previously said it expects net profit attributable to shareholders for the first three quarters to be approximately RMB3.15 billion to RMB3.25 billion, up about 54.0% to 58.9% year-on-year; revenue is expected to be approximately RMB38.0 billion to RMB42.0 billion, up about 27.9% to 41.4% year-on-year. It is worth noting that recent market rumors said major Indonesian nickel companies were discussing coordinated production cuts, with MHP and high-grade nickel matte planned to be cut by 50%, and NPI planned to be cut by 20% through the end of the year, prompting a concentrated short covering. Several related companies subsequently denied participating in a so-called joint production cut meeting, but industry insiders told Cailian Press reporters that the rumors were not unfounded and that some leading companies did indeed intend to cut output.