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Century Aluminum

Alcoa shares jump on unusually heavy trading

Shares of Alcoa Inc surged on Tuesday in an unusually busy day for the aluminum producer, with the stock rising sharply in late-day trading for its biggest one-day move in nearly two years, though the reasons for the move were unclear.The stock rose 8.8 percent to close at $9.36 on 93.7 million shares traded, the busiest day for the stock since October 12, 2011, according to Reuters data, and the best day for shares since October 27 of that same year.Heavy options activity was also seen, with volume rising to more than eight times the recent daily average. The activity was concentrated on upside call option bets expiring on Friday, where the buyer has the right to buy the stock by a given date in the future at a specific price.Little fundamental news was seen as responsible for the late-day move that also saw gains in Century Aluminum , which rose 17.6 percent. Alcoa declined to comment.Alcoa has formed a joint venture with VSMPO-Avisma Corp , the world's No. 1 titanium producer, to de...

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