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Stock market: The CAC 40 continues to rise, driven by the LVMH group

Stock market: The CAC 40 continues to rise, driven by the LVMH group

The CAC 40, the Paris Stock Exchange’s flagship index, continues to rise, buoyed by the French luxury group LVMH, but also by reassuring US inflation figures.

 

The Paris Stock Exchange was up again at mid-session on Wednesday. A slight increase, but which allows it to exceed the 6,200 point mark, a first since 2000.

 

At mid-session, the CAC 40 was up 0.29% to 6,202.21 points, with a high point of 6,217.74, the highest level since the record of 6,272.90 points set on 17 November 2000.

 

Luxury goods continue to drive the Paris index, with the LVMH group posting a strong rebound of 2.8%, with a high of 614 euros. Its market capitalization is therefore at an all-time high of more than 309 billion euros.

 

The group also reports 30% growth for the first quarter of 2021, compared to the same period last year. This growth is largely due to strong demand in the United States and Asia.

 

In the January-March period, France’s number one luxury goods company posted sales of 13.96 billion euros, including for the first time the jeweler Tiffany, which was recently acquired after a tumultuous marriage. This acquisition allows the group’s Watches & Jewelry sector to double its sales.

 

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LVMH‘s Fashion & Beauty sector also posted a strong 52% increase, with its Christian Dior house jumping 3.7% to a historic high of 567 euros. The other big names in French luxury also posted satisfactory results, and Kering gained 1.8% to 644 euros, L’Oréal 0.3%, to 344.45 euros and Hermès took 1.1%.

 

In addition to luxury goods, the good results of the CAC 40 are also expressed by the inflation figures in the United States, which remain under control and reassure investors. The upward trend continues without being penalized by the fear of a vaccine shortage after the suspension of the Johnson & Johnson vaccine in the United States, which led to a delay in its deployment in Europe.

 

Read also > LVMH 2021 PRIZE: CULTURE AND ORIGINS OMNIPRESENT IN THE COLLECTIONS OF THE 20 SEMI-FINALISTS

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