Australian Investment Blog

ASX:IGO 29/08/2018

Independence (ASX:IGO) result meets downgraded guidance

Stock

Independence Group (ASX:IGO) $4.37 as at 29/08/2018

Event

Nickel / gold miner Independence Group (ASX:IGO) posted a bumper FY18 profit thanks to contributions from their new Nova nickel project. The stock had fallen steadily over the past few months thanks in part to a weak resources sector, but also due to the high expectations the market had held for the nickel mine. The market was forced to rebase earnings for the year at the 3^rd quarter fearing numbers were too high, but a solid 4^th quarter has helped the full year numbers beat the streets expectations, likely helped by higher grade nickel production in the quarter despite production numbers falling short of previous guidance.

Currently about a third of IGO’s sales are generated by gold through the Tropicana mine, however this number is falling as the company moves more towards nickel and copper. Production guidance was solid, driven by the Nova projects higher than expected run rate. Independence Group (IGO) Chart

Market Matters Take/Outlook

We like the diversified exposure received from IGO, especially when looking for copper and nickel exposure. Both commodities have seen their fair share of weakness recently and we are looking for signs that the tide is turning. IGO has turned disappointing announcements throughout the year into a good result and we believe that their projects have turned a corner. View reports on resource stocks here. View the full report here 'Boral (BLD) the standout on the reporting front today (BLD, IGO)'

Subscribe to Market Matters Blog

Latest Reports

Weekend report 13/09/2025

Weekend Q&A: The ASX200 drifts while US indices post fresh all-time highs

The ASX200 ended last week largely flat, holding September's current pullback to 1.2%. It may have been a quiet week on the index level, but it wasn’t on the sector level, with solid gains by the rate-sensitive tech, real estate, and utilities sectors while the energy sector fell 4.5% as OPEC+ maintained its elevated supply. It was disappointing to see the local index drift while US indices punched higher, although a number of majors trading ex-dividend did weigh locally. The heavyweight miners slipped slightly after mining giants Anglo American / Teck Resources agreed to merge, forming a ~$53 billion copper powerhouse.

Afternoon report 12/09/2025

The Match Out: ASX finishes the week strong, banks and financials rally

The ASX had a solid end to the week, with a broad-based rally following on from Wall Street’s record-setting session overnight. Expectations that the Fed will move on rate cuts as soon as next week helped fuel gains in financials and miners, while gold continued its charge toward fresh highs, offsetting weakness across the energy names.