Norsk Hydro shares rally as Guinea coup boosts aluminium prices

Shares in Norsk Hydro and other aluminium 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. "Earlier unrest in Guinea didn't affect exports of bauxite significantly.

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.