The Independence Group NL (ASX: IGO) share price is on course to make it a second day of declines in a row.
At the time of writing the gold miner's shares are down almost 3% to $3.08, bringing its year-to-date decline to over 28%.
Why have its shares fallen?
Yesterday Independence released its latest quarterly update. Although revenue increased to $114 million during the quarter, the company posted an unaudited net loss after tax of $15.5 million.
Another disappointment was that the company's all-in sustaining cost rose to A$1,286 an ounce at its Tropicana site.
Following the result, analysts on the equities desk at Macquarie Group Ltd (ASX: MQG) downgraded Independence to an underperform rating with a $2.80 price target.
Should its shares fall to this level, it would be a decline of over 9% from the current share price.
