The IGO Ltd (ASX: IGO) share price is on a roller coaster ride today.
IGO shares are currently down 0.08% and fetching $12.81. However, in earlier trade IGO shares lifted nearly 0.6% to $12.87. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.11% today.
Let’s take a look at what could be weighing on the IGO share price.
What’s happening?
IGO is a nickel, copper and cobalt explorer and is also invested in lithium via joint venture projects.
ASX lithium shares are having a mixed day on the market today, but multiple lithium explorers are rising.
For example, Pilbara Minerals Ltd (ASX: PLS) shares are 3% in the green and Liontown Resources Ltd (ASX: LTR) shares are up 1%. However, Core Lithium Ltd (ASX: CXO) shares are 1.44% in the red.
In today’s news, an IGO joint venture partner has released a drilling update.
St George Mining Limited (ASX: SGQ) announced a “very wide interval of pegmatite” has been intersected in the first drill hole testing the ‘Manta’ seismic reflector.
This is located within exploration licence 29/638 within the Mt Alexander lithium project in Western Australia.
IGO has a 25% interest in E29/638 until there is a decision to mine, with St George holding the remaining 75%.
A continuous 120.8m interval of pegmatite from 631.2m to 752m downhole was intersected at diamond hole MAD213.
Broker UBS has recently maintained a “buy” rating on the IGO share price. However, analysts are predicting new lithium supply could double between 2022 and 2025.
IGO share price snapshot
The IGO share price has slid nearly 9% in the last year. However, in the past month, it has fallen by 1.2%.
IGO has a market capitalisation of about $9.7 billion based on the current share price
The post What’s with the IGO share price on Wednesday? appeared first on The Motley Fool Australia.
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More reading
- Why the outlook for these ASX 200 lithium shares could be ‘very favourable’
- Investing in ASX 200 lithium shares? You’ll want to read this
- The Mincor Resources share price is skyrocketing 42%, what could be next for this ASX mining share?
- These ASX lithium shares are a buy despite explosive supply forecast: UBS
- Whatâs happening with the IGO share price on Thursday?
Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://www.fool.com.au/2023/03/29/whats-with-the-igo-share-price-on-wednesday/
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