German Stocks Rise for a Third Day on Industry Data

German stocks advanced for a third day, their longest rally this month, as reports showed gains in industrial production from China to Italy and the U.K.

Commerzbank advanced to its highest price in almost nine months after JPMorgan Chase & Co. increased its price estimate for the stock by 16 percent. Evotec AG (EVT) climbed 3.6 percent after getting a milestone payment from an alliance with Boehringer Ingelheim GmbH. ElringKlinger AG (ZIL2) fell 2.6 percent after DZ Bank AG advised investors to sell shares in the auto-parts maker.

The benchmark DAX Index (DAX) added 0.1 percent to 9,205.6 at 1:13 p.m. in Frankfurt. The gauge has retreated 2.1 percent so far this month amid concern the Federal Reserve may consider paring its stimulus soon. The broader HDAX Index also added 0.1 percent today.

“Investors are preparing for the year end and will not make major changes unless there is external news flow,” Raimund Saxinger, a fund manager at Frankfurt-Trust Investment GmbH, which oversees about $22 billion, wrote in an e-mail.

The volume of shares changing hands in DAX-listed companies was 23 percent lower than the average of the past 30 days, data compiled by Bloomberg showed.

In China, industrial output increased 10 percent in November from a year earlier, for the fourth successive month of double-digit gains, data from the National Bureau of Statistics showed in Beijing. Production in the U.K. and Italy rose for a second month in October, separate reports showed.

Commerzbank Gains

Commerzbank advanced 3.7 percent to 11.10 euros, its highest price since March 12. JPMorgan raised its price estimate for the stock to 10.26 euros from 8.87 euros. Germany’s second-largest lender will benefit from a recovery in the shipping business, though it also faces a greater risk than its peers because of the poor quality of its credit to the industry, the brokerage said in a note.

Evotec gained 3.6 percent to 4.22 euros. The Hamburg-based drug-research company received 4 million euros from Boehringer after an oncology molecule being jointly developed by the two moved into the pre-clinical stage.

Adidas AG (ADS) rose 1 percent 88.59 euros. Kepler Cheuvreux named the world’s second-biggest maker of sporting goods as one of the best investment ideas in Germany.

ElringKlinger dropped 2.6 percent to 28.79 euros. DZ Bank downgraded the shares to sell from hold, citing a higher risk that full-year results may disappoint.

To contact the reporter on this story: Jonathan Morgan in Frankfurt at

To contact the editor responsible for this story: Cecile Vannucci at

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