Why Alumina Limited is flying

Shares in Alumina refining and bauxite mining investor Alumina Limited (ASX: AWC) are up more than 4% to $2.44 at the time of writing – one of the biggest gains on the S&P/ASX 200 so far today.

Alumina Limited owns 40% of global alumina business Alcoa World Alumina and Chemicals (AWAC) and its share price has tracked upwards steadily over the past 12-months, up 46% from its 52-week low of $1.66.

Alumina Limited investors may be buoyed by news the global activated alumina market will cross the billion dollar mark by 2024, with Asia Pacific companies said to lead the market throughout the forecast period.

Activated alumina is used to help remove contaminants from water supplies, with the growing wastewater treatment market also a burgeoning sector.

Alumina Limited reported its FY17 results in late February, announcing a NPAT of $339.8 million up from a loss of $30.2 million in the previous corresponding period.

Alumina Limited’s 2017 yield is 7.5% fully-franked with a final dividend increase of 6.2c per share on the previous corresponding period.

One to watch for certain.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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