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Shares in Alumina Limited (ASX:AWC) bounced yesterday after the company said it would increase its dividend.

 

In a half year update to shareholders Alumina said it will pay a fully franked final dividend of 2.8885 cents or 3 US cents per share, up from 2 US cents. 

The company also stated its Alcoa World Alumina & Chemicals joint venture, of which it has a 40 per cent interest, is forecast to benefit because of price restructures in the industry.

Shares in Alumina bounced 3.38 per cent yesterday, ending the day at $1.68.

In the first half of the 2011 financial year, Alumina boosted its net profit to $63 million.