Certainly was keen on the stock......... Monday two weeks ago, when it was sub $47. However have just opened a short.
Trading at the equilivant of $92, as compared to pre rights issue share price of $75.
Can;t believe the overhang of that discounted 11 for 20 rights issue has been washed out in just two weeks.
Company reported EPS of US$1.25 per share for the quarter ending March 2009, down from US$4.28 in the corresponding 2008 quarter.
There is now an extra 50% more shares on issue......so the
PE is not cheap at 16. Still has $20 billion in debt.
Look for some US stock weakness and a sharp correction in the Rio share price.
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Note results from Chalco...re Aluminium demand. (I would disclose that apparently now the aluminium producers share price has turned around in current Asian trade)
Chalco sheds 3.6 pct after warning of H1 loss
Mon Jul 27, 2009 3:10am EDT Email | Print | Share| Reprints | Single Page[-] Text [+]
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HONG KONG, July 27 (Reuters) - Aluminum Corp of China Ltd (Chalco) (2600.HK) slid in Monday morning trade after the world's No.3 alumina producer warned of a loss in the first half of 2009 due to low aluminum demand and prices.
The stock was down 3.6 percent at HK$8.50 by 0205 GMT.
The company said its utilisation rate was low while international and domestic demand for aluminum from the property and automobile industries fell significantly on the back of the financial crisis.
It posted a 2.41 billion yuan ($352.8 million) profit in the first half of 2008, based on Chinese accounting standards. (US$1=HK$7.75) (Reporting by Parvathy Ullatil; Editing by Jonathan Hopfner)
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Open | High | Low | Value | Volume |
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1 | 100 | 117.590 |
1 | 4052 | 117.540 |
2 | 1100 | 117.500 |
1 | 283 | 117.450 |
Price($) | Vol. | No. |
---|---|---|
117.930 | 3187 | 2 |
118.000 | 4200 | 1 |
118.050 | 3187 | 1 |
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118.170 | 3187 | 1 |
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