Shares in Norsk Hydro and other aluminum stocks rose sharply on Monday after prices in the metal soared to new highs as a coup in Guinea raised concerns about supply.
Oslo-listed Norsk Hydro rose as much as 5% to its highest in more than 13 years, while Rusal in Moscow jumped more than 4% to its highest on record.
Aluminum prices rose to their highest in more than a decade on fears of disruption to Guinea’s mining of bauxite, the mineral used in the production of the lightweight metal.
Norway’s Norsk Hydro, itself a major bauxite producer from mines in Brazil, said it was monitoring the situation.
“Earlier unrest in Guinea didn’t affect exports of bauxite significantly. We are following the situation closely,” a Hydro spokesperson told Reuters. (Reporting by Danilo Masoni and Victoria Klesty; Editing by Terje Solsvik and Edmund Blair)