German Stocks Rise for Second Day as Siemens, RWE Climb

German stocks rose for a second day, led by Siemens AG (SIE), as investors weighed the outcome of yesterday’s Crimean referendum.

Siemens climbed 3 percent after JPMorgan Chase & Co. and Bank of America Corp. raised their ratings on the stock. RWE AG (RWE) added 1.9 percent after agreeing to sell its Dea oil and gas unit to L1 Energy for about 5.1 billion euros ($7.1 billion). Linde AG fell 2.5 percent as the world’s largest industrial-gas producer posted profit that missed analyst estimates.

The DAX Index (DAX) advanced 0.8 percent to 9,124.25 at 10:09 a.m. in Frankfurt. The benchmark gauge fell 3.2 percent last week for a second week of losses amid concerns that Russian military intervention in Ukraine could lead to sanctions and trade disruptions. The HDAX Index also gained 0.8 percent today.

Almost 97 percent of voters in the Black Sea peninsula of Crimea chose to leave Ukraine and become part of Russia, according to Mikhail Malyshev, head of the election commission. The results exclude the city of Sevastopol. The European Union said “the referendum is illegal and illegitimate and its outcome will not be recognized.”

EU foreign ministers gathered in Brussels today. They may impose asset freezes and visa bans on some Russian officials. Further measures may be decided when leaders of the 28-nation group meet later this week.

To contact the reporter on this story: Trista Kelley in London at

To contact the editors responsible for this story: Cecile Vannucci at Alan Soughley

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.