Shares in Alumina Limited (ASX: AWC) have slid 5.2% into the red to $2.72 at the time of writing – falling from 10-year highs earlier this month.
Alumina Limited has fared well out of rising alumina prices, with its share price up 50% over the last 12 months from $1.91 this time last year to $2.87 at its July 19 close.
But second quarter earnings out of Alumina's 40% owned Alcoa World Alumina and Chemicals project yesterday could be the reason behind an investor exodus today.
The update reported lower equity earnings out of the project's bauxite segment and some increased operational costs, partially offset by success in its Alumina segment driven by a 30% increase in API pricing.
Alcoa has cut its full year forecast – citing rising US tariffs and rising energy costs as the reasons why.
S&P/ASX 200 commodity stocks are down today across the board, with big names like BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) both in the red.
