The CAC-40 surged more than 1.5 percent amidst strong gains in the luxury sector triggered by upbeat results declared by luxury brand LVMH. A larger-than-expected jump in the consumer confidence indicator also boosted sentiment.
Data released earlier in the day by INSEE had showed the Consumer Confidence indicator for France rising to 91 in January, versus previous month’s reading of 89. Markets had expected a reading of 90.
The CAC-40 is currently trading at 7,590.71, jumping 1.69 percent from the previous close of 7,464.20. The day’s trading has been between 7,588.09 and 7,553.65.
Only 11 of the 40 scrips in the index are currently trading in negative territory.
LVMH topped with gains of 8.1 percent, boosted by strong 2023 results. Pernod Ricard rallied 6.8 percent. Kering jumped 3.6 percent, followed by Hermes International that gained 2.8 percent. Vivendi, TotalEnergies, L’Oreal, Saint Gobain, Alstom and Carrefour have all gained more than a percent.
STMicroelectronics is the greatest laggard with a decline of 3.6 percent. Capgemini followed with losses of 0.92 percent.
The Dollar Index has edged down 0.06 percent to 103.52, versus 103.57 a day earlier. The EUR/USD has edged down 0.07 percent to 1.0838.
In line with the global decline in bond yields on Friday, yields on France’s ten-year bonds have eased 0.65 percent to 2.755%. The yield was at 2.773 percent a day earlier.
CAC-40 Outperforms European Peers
2024-01-26 09:47:43
