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Nickel Industries (NIC) 88c

NIC fell -3.3% yesterday with some of the move likely from name association with the news & drop by nickel/lithium miner IGO which at its worst was down -8.3%. We prefer IGO as a business to NIC although their relative valuations are starting to stretch with IGO +14.4% in 2023 while NIC is down -9.3% i.e. the trend of the last 12 months has been “the strong keep getting stronger and the weak weaker”. We’re not a huge fan of NIC, the Indonesian producer of primarily pig iron (used to make steel),  although it’s always encouraging to see insider buying with a director buying over $300k worth of stock last month.

  • We can see NIC testing at least 10% lower in the 2H.
NIC
MM is neutral at best toward NIC
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Nickel Industries (NIC)
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