0354 GMT - Wildcat Resources stands out as one of the best lithium developers on the ASX, says Macquarie. It initiates coverage of the stock with an outperform rating and A$0.90/share target. The company has a large-scale hard-rock development asset close to key infrastructure in the "tier-one" mining jurisdiction of Western Australia, Macquarie says. Wildcat has completed a prefeasibility study and is advancing towards a definitive study in "a market hungry for lithium," says the bank. "We believe WC8 screens attractively on an EV/MRE [mineral resource estimate] basis relative to more established peers, particularly given the size of its resource base and advanced project status," Macquarie says. Shares are up 16% at A$0.55. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
Nickel Declines as Markets Face Volatile Period Ahead -- Market Talk
0226 GMT - Nickel falls in Asian trade, with the three-month contract on the London Metal Exchange declining 0.2% to $17,965.00 a metric ton. The nickel market could be entering a period of volatility, ANZ Research analysts say, citing reports of China warning against repercussions for Indonesia's protectionist policies for the sector. Weaker-than-expected Chinese economic data is also likely to be denting market sentiment, say the analysts. (megan.cheah@wsj.com)
