Two stocks that moved up on ASX – Independence Group NL and Stockland Corporation Ltd
Rise in Gold prices drove the stock sentiment: Independence Group NL (ASX: IGO) stock rose over 4.2% on April 27, 2017 with a sector-wise rally driven by the gold price movement. IGO had reported about 43% improvement in development advance rate by Barminco in 3Q17 for the group’s Nova project. The group’s Nova project would ramp up to full production during September 2017 quarter. Production of 5.0-6.0kt nickel and 1.9-2.3kt copper is expected by the group. IGO reported that their Tropicana performance would be as expected and intends to generate a better performance in terms of year-to-date production and costs. The group reported a cash of $69 million with a net debt of A$131 million with A$200 million of undrawn revolving debt facility. The group has been maintaining a consistent EBITDA margin of 40-50%.
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