LONDON – Europe’s major markets were on the upswing in late-morning trading on Thursday, with the FTSE MIB in Milan leading the way.
The Italian market advanced 1.6 percent to 21,080.98, followed by the CAC 40 in Paris, 0.9 percent to 5,348.55, and the DAX in Frankfurt, 0.8 percent to 12,631.48. The FTSE 100 in London was up 0.5 percent to 7267.97.
The euro traded at $1.09, while the pound fetched $1.29 at 12:30 p.m. CET.
Retail and luxury stocks were also on the uptick, with the morning’s biggest gainers including Burberry, 1.4 percent to 16.04 pounds, after it announced the appointment of retail expert Judy Collinson as chief merchandising officer in a further boost to the brand’s creative team.
Among the other stocks that climbed was Adidas, 1.9 percent to 185.60 euros, following the company’s announcement that sales grew 18.9 percent to 5.67 billion euros in the first quarter of 2017. The German activewear giant continued to benefit from strong demand for its products after a record year in 2016, when its profits passed the billion-euro mark for the first time.
Yoox Net-a-porter Group advanced 4.2 percent to 25.57 euros after the company reported sales growth of 15 percent in the first quarter of the year.
Among the stocks to lose the most ground were Mulberry Group, 5.1 percent to 10.45 pounds, and Marks and Spencer Group, 2.3 percent to 3.58 pounds. The latter stock has been lagging since it named Jill McDonald to the new post of managing director for clothing, home and beauty.