Independence Group NL shares up on investor update

Nickel miner Independence Group NL (ASX: IGO) released an update to shareholders today reporting expectations to be net cash in the September quarter with a focus on discoveries at its Nova and Fraser Range projects.

Independence Group shares were up 1.3% to $4.91 at the time of writing.

Independence Group detailed its commitment to “solidify” its position as a world-class base metals producer aligned to the growing electric vehicle “megatrend” with a robust balance sheet allowing the company to shift its focus from construction to delivery and discovery.

Third quarter results out of the company earlier this month highlighted strengthening financial results with revenue up 12% to $182.7 million, underlying EBITDA notching up 14% and net debt reduced to $73 million.

Elsewhere in the space nickel sulphide explorer Western Areas Ltd (ASX: WSA) shares are up 0.8% to $3.41 at the time of writing in line with solid share price gains over the last 12 months for the stock and its March activity report detailing positive cashflow and FY18 guidance maintained.

Shares in commodity cousins BHP Billiton Limited (ASX: BHP), Rio Tinto Limited (ASX: RIO) and South32 Ltd (ASX: S32) were all up at the time of writing, with Rio booking the best gain – up 2.1% to $86.49.

Commodity stocks seem to have automatic blue chip status sometimes, check out these top 3 ASX Blue Chips To Buy In 2018

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2018."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

Click here to claim your free report.

Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.