By Mauro Orru

Arms producer Rheinmetall AG is set to join Germany's blue-chip DAX index later this month after its share price more than doubled since Russia invaded Ukraine and Western countries began supplying weapons to Kyiv.

German exchange operator Deutsche Boerse AG said late Friday that Rheinmetall would be added to the DAX on March 20, replacing dialysis-care provider Fresenius Medical Care AG.

Rheinmetall's share price surged from around EUR95.00 in the days prior to Russia's invasion of Ukraine on Feb. 24 last year to EUR248.60 at market close on Friday, giving it a market value of roughly 10.83 billion euros ($11.52 billion), according to FactSet.

Rheinmetall is best known for its armored vehicles and munitions production. The German company also supplies equipment for the German-made Leopard 2 tank.

Earlier this year, Germany said it would provide 14 Leopard 2 tanks to Ukraine and allow other European nations to provide dozens more.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

March 06, 2023 02:00 ET (07:00 GMT)

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