Battery materials business IGO has fallen -13% over the last fortnight pretty much in-line with the Resources Sector but with some extra zip because its considering buying nickel miner Western Areas (WSA). This strategic move is factored into the market and on balance we believe it would be beneficial for IGO shareholders however the share price is reflecting concerns around a potential capital raise but existing shareholders may get a low price entry into extra stock. We like this play including its ESG skew.
MM likes IGO under $9
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