CAC 40 Rises Nearly 2% As Luxury Stocks Rally
(RTTNews) - French stocks are up in positive territory Thursday morning, lifted by strong gains in the luxury sector after French luxury goods group's upbeat sales data. The mood is fairly bullish following benign U.S. inflation data that has raised hopes the Fed will announce a few interest rate cuts this year.
The benchmark CAC 40 climbed to 7,61693, gaining 142.34 points or 1.91%.
Kering is rising nearly 9% after agreeing to sell a majority stake in three luxury Paris properties to French private equity firm Ardian SAS, a deal that will net the struggling owner of the Gucci fashion label €837 million ($861 million).
LVMH is up 8.5%, hitting a 3-month high in the process. Hermes International is gaining 5.6%. Renault is up 4% after the automaker said sales volume grew by 1.3% in 2024 amid increased electric vehicle adoption.
L'Oreal, Unibail Rodamco, STMicroElectronics, Pernod Ricard and ArcelorMittal are up 2 to 4%.
TotalEnergies is rising nearly 2%. Essilor is up 1.6% and Airbus Group is up 1.5%. Dassault Systemes, Sanofi and Societe Generale are up with moderate gains.
Saint-Gobain is down more than 2% and Veolia is declining 1.9%. Teleperformance is down with a loss of about 1.7% after a court approved a $5.5 million settlement tied to a 2022 controversy over the company's content moderation practices.
Vivendi, Publicis Groupe, Engie and Vinci are also down in negative territory, although with less pronounced losses.
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