Shares in Japan’s major aluminium product makers jumped on Tuesday after competitor Kobe Steel admitted to falsifying data on aluminium and copper parts.
Daiki Aluminium Industry was up 9.3 per cent after touching a record high earlier in the session. UACJ lifted as much as 7.3 per cent, after hitting its highest level since February.
Steel trader Molitec Steel spiked 16 per cent to its highest level in 12 years.
Kobe Steel, Japan’s third-largest steelmaker, admitted on Sunday to falsifying inspection data on about 20,000 tonnes of metals used in aircraft and automobiles.
With Japan’s market offline for a national holiday n Monday, the impact flowed through to the markets on Tuesday. Kobe’s shares, which are expected to fall, went untraded as offers far outnumbered bids for stock in the company.
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