LONDON – European stock markets were on the upswing in early afternoon trading on Wednesday, while Burberry made further gains after the fashion-hungry investment fund GBL announced it had taken a 3 percent stake.

Milan’s FTSE MIB led the advance, climbing 2.2 percent to 19,326.89, followed by the CAC 40 in Paris, 1.6 percent to 4,937.36. The DAX in Frankfurt rose 1.4 percent to 11,995.55, while the FTSE 100 in London was up 1.2 percent to 7,347.66.

The euro traded at $1.06, the pound fetched $1.24 and the Swiss franc equaled $0.99 at 2:00 p.m. CET.

Retail and luxury stocks were also on the rise, with Burberry climbing 1.6 percent to 17.53 pounds after GBL, the investment fund controlled by Belgian billionaire Albert Frère and the Desmarais family trust, confirmed it had taken a 3 percent stake.

Burberry’s share price had risen 3.7 percent following the announcement on Tuesday. GBL recently took a 3 percent stake in Hugo Boss.

Other companies to make gains included Hugo Boss, 2.3 percent to 66.42 euros; Swatch Group, 2.4 percent to 66.70 Swiss francs; Next, 3.5 percent to 39.60 pounds, and Moncler, 4.2 percent to 18.77 euros after the company reported that 2016 net profits rose 17 percent and sales surpassed $1 billion with a performance that was lifted by all markets and channels.

Among the biggest stocks in retreat was Zalando, which declined 3.6 percent to 36.57 euros after the company said net earnings fell flat primarily due to a tax loss carried forward.

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