IGO back in favour

INDEPENDENCE Group has enjoyed a number of ratings upgrades from analysts after its September quarter report, released on Monday.

IGO back in favour IGO back in favour IGO back in favour IGO back in favour IGO back in favour

Nova is hitting its straps

Analysts believe the sell-off in IGO shares - from $4.68 to $4.04 over the course of October - has been overdone, with a strong quarterly reaffirming that view.

In upgrading IGO from sector perform to outperform, RBC Capital Markets analyst Paul Hissey said improvements in production through the 2019 financial year should drive a re-rating of the stock.

He said while the entire resources sector was down, continued concerns about the performance of IGO's Nova nickel-copper mine had further weighed on the stock.

"While the quarter represents a slight retracement of production from Nova in 4Q18, we believe this should set the bar going forward into FY19," ...