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German Stocks Advance in Frankfurt; Siemens Shares Lead Gain

Updated on

German stocks rose after falling the most since July last week, led by Siemens AG as Europe’s largest engineering company is considering an initial public offering of its Osram lighting business within the next two months.

Siemens climbed 3.6 percent, the biggest gain since Dec. 1. MAN SE advanced as Equinet AG suggested buying the shares. Bayer AG snapped a five-day drop even after posting quarterly loss. Preference shares of Fuchs Petrolub AG advanced as HSBC Holdings Plc lifted its recommendation.

The benchmark DAX Index added 1.2 percent to 7,272.32 at the 5:30 p.m. close in Frankfurt, bringing this month’s increase to 2.8 percent. The measure is up 5.2 percent this year amid optimism that the global economic recovery is gathering strength. The broader HDAX Index rose 1.2 percent today.

“We are still experiencing the effects of the financial crisis even if at the moment we are firmly in the upswing of the economic cycle,” Jim Reid, a strategist at Deutsche Bank AG in London, wrote in a report.

Siemens advanced 3.6 percent to 97.59 euros. The company is weighing an initial public offering of its Osram lighting business within the next two months, according to two people familiar with the discussion.

Siemens has retained Deutsche Bank AG, Goldman Sachs Group Inc. and Commerzbank AG to help prepare the IPO, said the people, who declined to be identified because the information is private. Munich-based Siemens has yet to make a final decision on the stock sale, one of the people said. Siemens spokesman Alexander Becker declined to comment.

‘Structural Changes’

“We support the group’s efforts to sell this business given the structural changes in the industry and continue to believe that the group has scope to strengthen its core operations and return cash to shareholders over the medium term,” UniCredit Research wrote in a note.

MAN gained 2.8 percent to 92.01 euros as Europe’s third-largest truckmaker was upgraded to “buy” from “accumulate” at Equinet. Linde AG added 1.9 percent to 110.6 euros as the same brokerage initiated coverage of the world’s second-biggest maker of industrial gases with a “buy” rating.

Bayer AG rose 2.5 percent to 56.18 euros. Germany’s largest drugmaker posted a fourth-quarter loss on a writedown of the Schering pharmaceutical brand and costs of a reorganization that will shift resources to product development and emerging markets.

“The conference call provided more details on the Xarelto clinical trial program and the short term sales and profit expectations,” DZ Bank said in a note. The brokerage reiterated a “buy” rating.

Allianz, QSC

Allianz SE added 1.9 percent to 104.4 euros. Europe’s biggest insurer had its price estimates raised at brokerages ING Groep NV and Exane BNP Paribas.

QSC AG jumped 8.5 percent to 3.2 euros. The broadband company said it plans to pay a dividend for the first time after 2010 profit climbed to 24.2 million euros from 5.5 million euros.

Preference shares of Fuchs Petrolub, the maker of lubricants, rose 2.3 percent to 101 euros. HSBC upgraded the shares to “neutral” from “underweight.”

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