LONDON – European stock markets seesawed in mid-morning trading on Thursday, with the FTSE 100 in London the only market to gain ground.
The British market was up 0.4 percent to 6,774.18, while the FTSE MIB in Milan fell 0.3 percent to 16,514.43, followed by the DAX in Frankfurt, 0.1 percent to 10,649.13. The CAC 40 was flat at 4,501.29.
The euro traded at $1.07, while the pound fetched $1.25 and the Swiss franc equaled $0.99 at 10:15 a.m. CET.
Retail and luxury stocks were mostly up, with the morning’s biggest gainers including LVMH Moët Hennessy Louis Vuitton, which climbed 1.3 percent to 164.65 euros after the company announced Wednesday night a 300 million euro share buyback program, with shares to be repurchased between Nov. 18 to Dec. 30.
Bernstein analyst Mario Ortelli said the buyback will “reaffirm” LVMH’s plans to return cash to shareholders in times of excess liquidity. Ortelli added that despite healthy cash-flow generation, the company is opting to maintain a strong cash pile for potential mergers-and-acquisition activity.
The Swatch Group climbed 2.3 percent to 59.15 Swiss francs; Safilo Group, 2.7 percent to 7.98 euros; Koovs.com, 5.5 percent to 0.58 pounds; Mulberry Group, 2.4 percent to 11.28 pounds; Asos.com, 1.5 percent to 49.16 pounds, and Ted Baker, 2.2 percent to 25.56 pounds.
Among the few stocks that lost ground was Boohoo.com, 2.3 percent to 1.15 pounds.