German shares up

22 October, 2019 12:00 AM printer

BERLIN: German stocks were up at the start of trading on Monday, with the benchmark DAX index growing by 28.33 points, or 0.22 percent, and opening at 12,661.93 points.

The biggest winner among Germany's largest 30 companies at the start of trading was the German financial service provider Wirecard, increasing 3.19 percent, followed by Germany's largest airline Lufthansa and German carmaker Daimler both growing 1.20 percent, reports Xinhua.

Following accusations of price manipulating by British newspaper Financial Times, Wirecard announced the commission of an independent audit of its accounting practices by audit and tax advisory company KPMG on Monday.

According to Wirecard, KPMG would receive "unrestricted access" to all information on all levels of Wirecard's management. The results of the audit were to be published after completion.

"We assume this renewed independent review will lead to a final end to all further speculation," said Wulf Matthias, chairman of Wirecard.

Shares of Vonovia fell by 0.91, making the German real estate company the biggest loser at the start of trading on Monday. The governing coalition in Germany's capital Berlin agreed on a rent cap on Friday. Berlin's senate is scheduled to vote on the corresponding law on Tuesday. The announcement was followed by criticism from business and construction associations as well as politicians at the weekend.

The German Federal Statistical Office (Destatis) announced that producer prices in September 2019 increased by 0.1 percent compared to the previous month, but decreased by 0.1 percent year-on-year.