Alcoa stock gains by 2.42%

It had recently been announced by Alcoa Inc that the company had decided to shut down the operations of around 164,000 metric tons of smelting capacitance facilities located in the United States and Brazil. This move taken up as part of the company’s smelting capacitance appraisal plan is expected to enable the company to keep up its competitiveness in the industry. It had been announced that around 40,000 metric tons of the smelting capacitance facility located in the Massena East facility of New York and 124,000 metric tons of facility located in Brazil would be shut down from its operations.

Shares of Alcoa had recently been hit heavily in the markets primarily owing to the absence of healthy, strong and growing economy in the United States for the past few years. As there are recent expectations that there would be an increase in the interest rates in the near future, it is anticipated that the company involved in aluminium products would further take a hit. Investors will thereby have to wait for some more time before there is any turnaround in the price movements of this stock.

Alcoa had on Thursday moved on to report a closing price for the day at $8.03 per share and had thereby presented a gain of 2.42% over the previous closure. The stock had further been presenting price movements during the day to vary from low of $7.91 per share to high of $8.06 per share, while the stock presently has its low price for the year at $7.63 and peak price at $9.93 per share. There are 1.07 billion shares of the company being traded out in the markets in total and the institutional holdings contribute around 58% of the total capital.