Alumina is now under Algo Engine sell conditions and we expect the share price to struggle below the $2.80 level.
Alumina prices are likely to weaken over the next 12 months which will weigh on the cash receipts from the AWAC joint venture.
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2018 net profit after tax was reported at US$690m. AWC declared a total dividend for the year of US$0.227, which was ahead of market expectations.
Stay short AWC with a stop loss above the $2.80 resistance.
