Luxury stocks sparkled as LVMH eased concerns about the health of the industry.
The French giant, one of Europe’s most valuable companies and home to brands such as Louis Vuitton, Christian Dior and Tiffany, reported a 3 per cent rise in first-quarter sales to £17.7billion.
The figures soothed investors worried about the outlook, and its shares rose 2.8 per cent in Paris.
The mood spread with Burberry up 1 per cent, or 11p, to 1146p in London, while on the Continent Hermes rose 2.3 per cent, Cartier owner Richemont increased by 3 per cent and Gucci parent Kering went up by 0.2 per cent.
Also publishing figures was Adidas, which raised its profit forecast for this year to almost £600million from £426million after a strong start to 2024. Shares in Germany rose 8.6 per cent.
Fashion stakes: LVMH, one of Europe’s most valuable companies and home to brands such as Louis Vuitton, and Tiffany, reported a 3% rise in first-quarter sales
London peer JD Sports was up 1.8 per cent, or 2.15p, to 119.05p.
Financial markets regained some composure after heavy selling on Tuesday. The FTSE 100 was up 0.4 per cent, or 27.63 points, to 7847.99. The FTSE 250 fell 0.02 per cent, or 4.40 points, to 19,340.14.
Mining stocks helped to push London’s top index higher.
Antofagasta is aiming to ramp up copper production despite output falling 11 per cent to 129,400 tons in the first quarter. It still expects production to increase this year, and rose 2.8 per cent, or 61p, to 2269p.
Rio Tinto’s solid first-quarter results were driven by positive performances in its bauxite and aluminium businesses. It added 2.8 per cent, or 149p, to 5403p.
Anglo American joined the rally after its diamond arm posted higher sales – nearly £360million from mid-March to April 16.
That was more than the £346million between February 1 and March 12. It rose 3.5 per cent, or 73.5p, to 2168.5p.
Stock Watch – Severfield
The structural steel group that helped build stadiums for football clubs such as Everton and Spurs rose 19.3 per cent, or 10.4p, to 64.4p after a stellar year.
Severfield said results for the 12 months to the end of March were better than its previous forecast.
Orders in the UK and Europe were a record £511million as of April 1, with strong demand for projects such as battery plants, small nuclear reactors and HS2.
The company says it wants to return £10million to investors.
GSK climbed 1.3p, or 20.5p, to 1590p after fresh data showed its shingles vaccine provided protection for more than a decade in adults aged 50 and over.
And trials revealed an oral antibiotic could treat gonorrhoea in adults.
Banknote printer De La Rue rose 1.8 per cent, or 1.4p, to 80.2p after its update on the year to March 30 contained few surprises.
Food delivery firm Just Eat Takeaway sank 5.2 per cent, or 62p, to 1134p after orders fell 6pc to £214.2million in the first quarter.
Eyewear firm Inspecs reported record sales of frames and returned to profit last year despite a weak December.
It made £203.3million of revenue in 2023 – up from £201million the year before and swung back into a profit of £200,000. Shares gained 7.5 per cent, or 3.5p, to 50.5p.
Investment fund Brooks Macdonald warned clients will pull out more than they put in as they face pressures from high interest rates. It slid 2.9 per cent, or 52.5p, to 1775p, as net outflows hit £294million in the quarter to March 31.
Green investor Scirocco Energy wants to leave London’s Alternative Investment Market, to cut costs by at least £250,000 a year.
If investors agree, shares are likely to stop trading from May 17. It fell 18.2 per cent, or 0.05p, to 0.23p.
Synectics, the security and surveillance business, added 4.3 per cent, or 8p, to 193p after it won a software contract worth £800,000.
