German Stocks Extend Gains as Munich Re Rallies on Buyback Plans

By Christiane Lenzner

Oct. 1 (Bloomberg) -- German stocks advanced for the first time in three days as Munich Re said it will resume its share- buyback program.

The benchmark DAX Index added 0.5 percent to 5,705.54 as of 9:20 a.m. in Frankfurt. Munich Re, the world’s largest reinsurer, rallied 2.5 percent to 111.78 euros on plans to repurchase shares with a volume of as much as 1 billion euros ($1.46 billion) by the 2010 annual general meeting.

Salzgitter AG and Allianz SE also advanced, adding more than 1 percent each.