LONDON — Europe’s major markets were uneven in mid-morning trading on Wednesday, while shares in French luxury titans LVMH Moët Hennessy Louis Vuitton and Kering hit record highs on the back of strong third-quarter results.
The CAC 40 in Paris was the only market that gained ground, rising 0.2 percent to 5,404.38, while the FTSE MIB in Milan was down 0.1 percent to 22,617.03. The FTSE 100 in London and the DAX in Frankfurt were both broadly flat, at 7,496.81 and at 13,008.03, respectively.
The euro traded at $1.18, while the pound fetched $1.32 at 11:30 a.m. CET.
Retail and luxury stocks were also uneven, with the morning’s biggest gainers including Kering, which advanced 7.4 percent to 389.50 euros, a record high, after the company’s third-quarter sales climbed 23.2 percent in the wake of a strong performance by Gucci, Saint Laurent and Balenciaga.
LVMH was up 1 percent to 243.20 euros, following a 13.6 percent rise in third-quarter revenues, while Yoox Net-a-porter Group climbed 1.1 percent to 32.86 euros and Gemfields, 2.2 percent to 0.92 pounds.
Among the stocks that lost the most ground were Essilor, down 1.1 percent to 103.90 euros; Associated British Foods, 1 percent to 33.29 pounds; Aeffe, 1.5 percent to 2.30 euros; Salvatore Ferragamo, 1.4 percent to 21.86 euros, and Luxottica and Mulberry, both of which were down 1.1 percent, to 47.05 euros and 10.50 pounds, respectively.