Alcoa profit tops forecasts

US aluminium giant Alcoa reported first-quarter net earnings of $308m (£188m) that beat estimates last night, as the price of its main product rose sharply and demand for the metal grew. However, its shares fell 3.5 per cent in after-hours trading as its sales figures missed expectations, despite revenues rising 22 per cent on last year to $5.96bn (£3.65bn).