Luxury stocks shined as LVMH eased concerns about the health of the industry.
The French giant, one of Europe’s most valuable companies and home to brands including Louis Vuitton, Christian Dior and Tiffany, reported a 3 percent rise in first-quarter sales to £17.7 billion.
The figures calmed investors worried about the outlook and its shares rose 2.8 percent in Paris.
Sentiment spread with Burberry rising 1 percent, or 11 pence, to 1,146 pence in London, while on the continent Hermes rose 2.3 percent, Cartier owner Richemont rose 3 percent and Kering , parent of Gucci, rose 0.2 percent.
Also releasing figures was Adidas, which raised its profit forecast for this year to almost £600m from £426m after a strong start to 2024. Shares in Germany rose 8.6 per cent.
The stakes in fashion: LVMH, one of Europe’s most valuable companies and home to brands such as Louis Vuitton and Tiffany, reported a 3% increase in first-quarter sales.
London peer JD Sports rose 1.8 per cent, or 2.15 pence, to 119.05 pence.
Financial markets regained some composure after Tuesday’s sharp selling. The FTSE 100 rose 0.4 per cent, or 27.63 points, to 7,847.99. The FTSE 250 fell 0.02 per cent, or 4.40 points, to 19,340.14.
Mining stocks helped boost London’s main index.
Antofagasta aims to increase copper production even though output fell 11 percent to 129,400 tonnes in the first quarter. It still expects output to rise this year and it rose 2.8 per cent, or 61p, to 2,269p.
Rio Tinto’s strong first quarter results were driven by positive performance in its bauxite and aluminum businesses. It added 2.8 per cent, or 149 pence, to 5,403 pence.
Anglo American joined the rally after its diamond division posted higher sales – almost £360m from mid-March to April 16.
That was up from £346 million between February 1 and March 12. It rose 3.5 per cent, or 73.5p, to 2,168.5p.
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 hit a record £511m 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 £10m to investors.
GSK rose 1.3p, or 20.5p, to 1,590p after new data showed its shingles vaccine provided protection for more than a decade in adults aged 50 and over.
And trials revealed that an oral antibiotic could treat gonorrhea in adults.
Banknote printer De La Rue rose 1.8 per cent, or 1.4p, to 80.2p after its update for the year to March 30 contained few surprises.
Food delivery company Just Eat Takeaway sank 5.2 per cent, or 62 pence, to 1,134 pence after orders fell 6 per cent to £214.2 million in the first quarter.
Eyewear company Inspecs posted record frame sales and returned to profit last year despite a weak December.
It made £203.3 million of revenue in 2023, up from £201 million the previous year, and returned to a £200,000 profit. The shares gained 7.5 per cent, or 3.5p, to 50.5p.
Investment fund Brooks Macdonald warned that clients will withdraw more than they put in as they face pressure from high interest rates. It fell 2.9 per cent, or 52.5p, to 1,775p, as net outflows reached £294m in the quarter to March 31.
Green investor Scirocco Energy wants to leave the London Alternative Investment Market to cut costs by at least £250,000 a year.
If investors agree, the shares will likely stop trading starting May 17. They 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 winning a software contract worth £800,000.