Europe Markets Close Higher; Richemont Up 16% on Quarterly Results, Boosting Luxury Sector
European markets closed higher Thursday, with luxury stocks soaring on strong results from Cartier owner Richemont
The regional Stoxx 600 index provisionally ended the day 0.93% higher, with most sectors in positive territory. Retail stocks pared earlier gains to fall 0.2%.
Luxury sector bellwether Richemont jumped 16% after reporting a better-than-expected 10% increase in fiscal third-quarter sales, while France’s LVMH, Kering and Christian Dior all rising. Retailers Moncler, Burberry, Swatch and Hermes also crowded around the top of the Stoxx index.
Technology stocks closed 1.9% higher, with chip firms including ASM International and Be Semiconductor boosted by forecast-beating earnings from Taiwan Semiconductor Manufacturing Company.
Source : Bloomberg