MM has been long IGO targeting a “pop” into the $10.50-11 region and yesterday the market almost delivered in only a few months. IGO is a batteries materials focused business which is highly correlated to PLS which importantly we believe could be close to an inflection point:
- Hence we are considering selling all / part of our IGO position into strength with Alumina (AWC) one option to “top up”, while we are also considering a new position in Fortescue (FMG).
- As we mentioned earlier markets are cyclical with arguably nothing more so than the Resources Sector, hence selling one sector that’s roaring to buy another whose struggling does have medium term appeal.
MM is watching our IGO position very carefully
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