Shares in can manufacturer Rexam (REX) fell more than 7 per cent after the company issued a profit warning concerning aluminium prices and energy costs in Brazil.
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In a trading statement, the world’s second-biggest producer of cans reported that the rising price of aluminium could cost it £30m in the coming year. Aluminium premiums – the cost of getting the metal out of storage warehouses – have risen to record levels recently due to rising demand and restricted access, which could have a direct impact on the company’s margins.