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Why this top ASX dividend stock is climbing higher today

Alumina Limited (ASX: AWC) has been the top ASX dividend stock for quite some time. The ASX 200 alumina mining company is currently yielding a tidy 11.36% per annum.

And it’s not just dividends on offer, with the Alumina share price edging 0.44% higher today after a strong Q4 update.

Why is the Alumina share price climbing higher today?

The ASX dividend leader is one of the largest producers of aluminium and alumina via its partnership with Alcoa Corp.

The group’s Alcoa World Alumina and Chemicals (AWAC) joint venture provides pure investment into the commodities sector.

The US-based Alcoa Corp released its Q4 earnings this morning, which has seen the Alumina share price climb higher.

Alcoa reported a 4% increase on the prior corresponding period (pcp) in mining and refining annual production. The average annual cost of alumina production also fell 7% lower over the year.

Fourth quarter 2019 net distributions from AWAC, the primary source of income for Alumina, have been stable. Alumina has maintained its top ASX dividend stock status despite the average alumina price falling lower throughout the year.

Alumina CEO Mike Ferraro said alumina prices have stabilised in recent weeks, however, 50% of AWAC’s quarterly profit was distributed to Alumina and Alcoa in January 2020.

How has the Alumina share price reacted today?

Alumina shares have climbed 0.44% higher on a day where the S&P/ASX 200 Index (INDEXASX: XJO) finally broke through the 7,000 points barrier.

Alumina is just one of many top ASX shares to be posting gains today. CSL Limited (ASX: CSL) surpassed $300 for the first time today while some other big healthcare names have also reached new record highs. Cochlear Limited (ASX: COH) and Sonic Healthcare Limited (ASX: SHL) are extending on this week’s all-time highs.

It’s been a solid day for shareholders across most sectors, with only Energy and Industrials trading lower. Polynovo Ltd (ASX: PNV) is leading the ASX winners list, while Super Retail Group Ltd (ASX: SUL) shares are down 6.55%.

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Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. and CSL Ltd. The Motley Fool Australia owns shares of Super Retail Group Limited. The Motley Fool Australia has recommended Cochlear Ltd. and Sonic Healthcare Limited. 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.