Market Updates
Europe Movers: LVMH, Moncler, Mercedes-Benz Group, Prada
Inga Muller
27 Sep, 2024
Frankfurt
Market indexes in Frankfurt and Paris extended their weekly gains to 4% and in London gained 1% amid Chinese leaders pledge of significant fiscal measures following the raft of monetary measures earlier in the week.
The DAX index increased by 1.1% to 19,129.17; the CAC-40 index rose by 1.5% to 7,677.44; and the FTSE 100 index rose by 0.2% to 8,285.97.
The yield on 10-year German bonds edged higher to 2.15%, French bonds inched lower to 2.94%, the UK gilts edged up to 4.0%, and Italian bonds decreased to 3.46%.
China-linked vehicle makers and luxury goods companies traded higher for the fourth day in a row amid rising hopes of additional fiscal stimulus.
Mercedes-Benz Group AG increased 2.9% to €59.42, Volkswagen Group advanced 2.2% to €97.44, and BMW gained 2.9% to €80.80.
LVMH increased 1.2% to €687.20, Hermes International added 1.1% to €2,230.40, Kering SA advanced 3.8% to €260.35, Prada SpA jumped 6.8%, and Richemont traded up 1.1% to CHF 132.65.
Moncler SpA jumped 8.9% to €56.72 after LVMH agreed to acquire a 1.6% stake in the company.
LVMH acquired a 10% stake in the holding company, Double R, owned by chief executive Remo Rufini, that controls a 15.8% stake in the publicly traded company.
LVMH can increase its stake in the investment vehicle that controls Moncler, Double R, to as much as 22%.
With the LVMH's investment, Double R plans to increase its holding in Moncler to 18.5% from 15.8%, and become the largest shareholder in the outerwear maker.
LVMH will have one board seat on Moncler and two on Double R.
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