This Thursday morning, French stocks have entered positive territory, driven by notable gains in the luxury sector following encouraging sales data from French luxury goods companies. The market sentiment is decidedly bullish, fuelled by favorable U.S. inflation figures that have sparked optimism for potential interest rate reductions by the Federal Reserve later this year.
The CAC 40 index surged to 7,616.93 points, marking an increase of 142.34 points or 1.91%.
Kering is experiencing an impressive rise of nearly 9% after its decision to sell a majority stake in three luxury Paris properties to the French private equity firm Ardian SAS. This transaction is set to bring the company, facing challenges with its Gucci brand, a significant €837 million ($861 million).
LVMH has climbed 8.5%, reaching its highest level in three months. Meanwhile, Hermes International is up by 5.6%. Renault has risen 4% following the announcement of a 1.3% increase in sales volume in 2024, reflecting the growing adoption of electric vehicles.
L'Oreal, Unibail-Rodamco-Westfield, STMicroelectronics, Pernod Ricard, and ArcelorMittal have noted gains ranging between 2% and 4%.
TotalEnergies has increased by nearly 2%, while Essilor and Airbus Group have gained 1.6% and 1.5% respectively. Dassault Systèmes, Sanofi, and Société Générale are also showing modest gains.
Conversely, Saint-Gobain has fallen over 2%, and Veolia is down by 1.9%. Teleperformance has declined approximately 1.7% following a court-approved $5.5 million settlement related to a 2022 dispute over its content moderation policies.
Vivendi, Publicis Groupe, Engie, and Vinci are experiencing moderate losses, contributing to the broader negative performance in some areas of the market.
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