Paris (AFP)
The Paris Bourse regained momentum (+ 0.74%) on Wednesday the day after a drop in power, driven by the luxury sector which is benefiting from the ongoing recovery.
The CAC 40 index recovered 45.44 points to 6,210.55 points the day after a sharp drop of 2.09%.
The Parisian rating was "pulled by luxury" which weighs for about 25% of the index, notes Frédéric Rozier, portfolio manager at Mirabaud France, interviewed by AFP.
In contrast, the banking sector has lagged behind.
The quarterly turnover of the luxury group Kering exceeded forecasts, allowing the Parisian market to regain height by boosting all the sisters in the sector at the same time.
Falling into an air gap last year, suffering the full brunt of the restrictions linked to the pandemic, the luxury segment has recovered, exceeding the level of sales before the crisis.
Kering achieved a turnover in the first quarter of 2021 which exceeded the pre-pandemic level of 2019. Its stock gained 4.17% to 652.20 euros and carried in its wake LVMH (+ 3.19% to 624 , 60 euros) and Hermès (+ 1.63% to 1,026.50 euros).
© 2021 AFP