Berkshire Hathaway rises on stock buyback resumption

Class B shares of Berkshire Hathaway BRKb.N rise 1.2% to $493.25 premarket

Berkshire has commenced repurchasing its shares, the conglomeratesaid in a regulatory filing

Move comes on the heels of Greg Abel taking the helm at Berkshire, which had gone more than a year with no stock buybacks

Abel told CNBC he consulted with his predecessor Warren Buffett before deciding to resume stock repurchases

"We will buy back Berkshire shares when they trade below our estimate of intrinsic value," Abel wrote in his first annual letter to shareholders last week

Berkshire's class B shares down 3% YTD