Shares of Rusal, one of the world’s largest aluminium producers, are rising on the Stock Exchange of Hong Kong amid reports on an attempted coup in Guinea, which may threaten bauxite supplies to the global market, according to the trading data, Trend reports with reference to TASS.
Rusal shares climbed by 14.8% on Monday to 6.99 Hong Kong dollars per share, reaching that level for the first time since 2011, according to the trading data. Rusal shares went up by 4.2% to 65.03 rubles per share on Moscow Exchange.
Bauxites are primary products for the production of aluminium, with problems related to their supplies potentially able to push the cost of metal production up and, consequently, trigger an increase in its price.
The main shareholder of Rusal Oleg Deripaska said earlier that the attempted coup in Guinea might affect the situation on the aluminium market.
An elite special operations unit led by Colonel Mamadi Doumbouy entered the governmental district of Conakry and deployed near the presidential palace on September 5. Eyewitnesses reported shooting. Doumbouya made a televised address, announcing the apprehension of President Alpha Conde, the dissolution of the government and the suspension of the Constitution.