Australia's Alumina rises on bets of return to profit in medium term

Alumina

19/01/2024 03:11

** Shares of Alumina  AWC.AX  rise as much as 3.6% to A$1.01
- their biggest intraday gain since Jan 10
    ** While near-term volume growth is negative, a return to
profitability and removal of unprofitable tonnes from the market
are positive medium-term drivers - Morgan Stanley 
    ** MS maintains "overweight" rating and raises PT to A$1.10
from A$0.90 
    ** Analysts say curtailment or renegotiation of 
energy contracts at San Ciprian, and an upward alumina 
price on market tightness could be positive catalysts
    ** Four analysts rate the stock "buy", two "hold" and one
"sell;" their median PT is A$1.13 – LSEG data
    ** Stock fell ~41% last year, their worst year since 2011
    
    

 (Reporting by Neha  Soni)
 ((Neha.Soni@thomsonreuters.com;))