FRANKFURT (dpa-AFX) - Aurubis shares rose sharply on Tuesday following an announcement by the copper group about the specific financial burdens amounting to millions of euros caused by suspected fraud by individual scrap suppliers. They recently gained 5.0 percent to 70.74 euros, putting them at the top of the moderately friendly MDax. However, the 21-day moving line, which signals the short-term trend, could not be breached. It currently caps the share price at 71.46 euros.

"With the ad hoc announcement, the uncertainty is 'out' for now and the chapter is closed for the capital market. The damage is not even a negative surprise," commented stock expert Frederik Altmann of Alpha Wertpapierhandel.

"Through today's ad hoc, investors now know where they stand and how big the actual damage is at the copper group," market expert Andreas Lipkow specified. These uncertainties would now be priced out of the share price. "The uncertainty is gone, even if it is a very unschones event overall." But now, he said, the focus is back on the future. In addition, there were "definitely chances of being able to bring about further reductions in damage through insurance payments and asset detention."

The copper group Aurubis had announced in the early afternoon that a shortfall of 185 million euros had resulted from an extraordinary inventory of metal stocks. However, insurance payments and a possible collection of perpetrators' money are expected to reduce the sum by around 30 million euros, so that the loss is expected to amount to around 150 million euros and will correspondingly burden the operating pre-tax result in 2022/23.

During the regular review of metal inventories in August, "significant deviations from the target inventory and in special samples of certain deliveries of input materials in the recycling area" were identified./ck/mis/nas