As we near the end of another trading week, the S&P/ASX 200 Index (ASX: XJO) is up 1.0% since last Friday's close, with two ASX 200 shares doing a lot of the heavy lifting.
Both of this week's outperformers are mining stocks.
Here's what's been driving investor interest.
Image source: Getty Images
Two ASX 200 shares leaping higher this week
The first ASX 200 share to amply reward stockholders over the week is Nickel Industries Ltd (ASX: NIC).
Nickel Industries shares closed last Friday trading for 76 cents. In afternoon trade today, shares are changing hands for 84 cents apiece. That puts the Nickel Industries share price up 11.2% over the week.
The ASX mining stock also trades on an unfranked trailing dividend yield of 6.0%.
There was no fresh news out from the company this week. But the ASX 200 share did receive some positive broker coverage, which may have piqued investor interest.
As the Motley Fool's James Mickleboro reported on Monday, "Bell Potter think that the company's shares are dirt cheap at current levels. Particularly given its positive growth outlook and attractive dividend yield."
Bell Potter has a buy rating and $1.47 price target on Nickel Industries shares. That represents a potential 75% upside from current levels, even after this week's strong run higher.
Leading the pack
Which brings us to the second ASX 200 share that's roared higher over the week, and the top five-day performer on the benchmark index, Mineral Resources Ltd (ASX: MIN).
Shares in the lithium miner and diversified resources producer closed last Friday trading for $30.65. At the time of writing, shares are swapping hands for $38.11 apiece, up 24.4%.
Most of those gains were delivered on Wednesday when Mineral Resources shares closed the day up 16.0%.
That surge came after the miner reported receiving unconditional approval from the Australian Foreign Investment Review Board (FIRB) to sell its 49% stake in the Onslow Iron haul road project to Morgan Stanley Infrastructure Partners.
Mineral Resources will receive approximately $1.3 billion for the asset, which is comprised of $1.1 billion in cash and a conditional deferred cash amount of $200 million.
Management intends to use the proceeds to cancel the company's US$750 million undrawn bridge facility.
The ASX 200 share also enjoyed some heady tailwinds in the latter part of the week amid broader renewed optimism around the lithium space.
Most ASX lithium stocks got a sizeable boost following reports that Chinese battery manufacturer CATL had suspended production at two of its lepidolite lithium mines.
Following the supply cuts from CATL, Citi forecast that lithium prices will rise 20% to 25% over the next three months. The broker increased its three-month price target for lithium carbonate to US$14,000.
