LONDON — Europe’s major markets closed on a high, while retail and luxury stocks built on the day’s gains.
Rattled by Britain’s decision to quit the European Union, markets have been on a roller coaster since Friday morning, with analysts forecasting more volatility as Britain and the EU come to terms with the shock of the referendum result.
At the close of trading on Tuesday, Milan’s FTSE MIB gained the most ground, closing up 3.3 percent to 15,601.62, followed by the CAC 40 in Paris and the FTSE 100 in London, which were both up 2.6 percent to 4,088.85 and to 6,140.39 respectively. The DAX in Frankfurt climbed 1.9 percent to 9,447.28.
The euro traded at $1.10, while the pound fetched $1.33, and the Swiss franc equaled $1.02.
Retail and luxury stocks built on momentum from earlier in the day, with the biggest risers including high-street retailer Next, 8.2 percent to 4,745 pence; Asos.com, 7 percent to 37.29 pounds; Luxottica Group, 4.5 percent to 46.24 euros; Marks & Spencer, 5.7 percent to 3.01 pounds; The Swatch Group, 4.9 percent to 55 Swiss francs, and Primark’s parent Associated British Foods, 8.7 percent to 25.55 pounds.
Among the very few stocks that lost ground were Italia Independent Group, which lost 13.6 percent to close at 7.78 euros.