Alumina Ltd. rose to its highest level in nine months in Sydney trading after partner Alcoa Inc., the largest U.S. aluminum producer, reported third-quarter profit that topped analysts’ expectations.
Alumina gained as much as 3.7 percent to A$1.98, its highest since Jan. 11, on the Australian stock exchange. It traded at A$1.96 at 11:29 a.m.
Alcoa yesterday said earnings excluding certain items were 9 cents a share, topping the 5-cent average estimate of 16 analysts surveyed by Bloomberg. Melbourne-based Alumina and New York-based Alcoa are partners in the Alcoa World Alumina & Chemical venture, the world’s biggest producer of the material used to make aluminum.
Alumina said it received $41 million of dividends from the joint venture in the quarter.
Alcoa raised its 2010 global consumption forecast to a 13 percent increase, from 12 percent, on higher demand in China, Brazil and India.
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