LONDON – Europe’s major markets made small gains in mid-morning trading on Wednesday, with the FTSE MIB in Milan leading the way.
The Italian market climbed 0.8 percent to 22,601.51, followed by the DAX in Frankfurt, 0.5 percent to 12,672.21. The FTSE 100 in London and the CAC 40 in Paris were both up 0.2 percent, to 7,299.69 and to 5,277.80, respectively.
The euro traded at $1.18, while the pound fetched $1.35 at 11:35 a.m. CET.
Retail and luxury stocks were uneven, with the morning’s biggest gainers including Superdry parent SuperGroup and Yoox Net-a-porter, which were both up 2.1 percent to 16.33 pounds and to 31.64 euros, respectively. Gemfields climbed 2 percent to 0.32 pounds, while Geox advanced 1.7 percent to 3.70 euros.
Among the stocks that lost the most ground were Boohoo.com, 9.3 percent to 2.34 pounds, after the company downgraded full-year EBITDA, or earnings before interest, taxes, depreciation and amortization, guidance to a margin of 9 percent to 10 percent from 10 percent.
Joules Group fell 6.6 percent to 2.57 pounds; Italia Independent Group, 2.3 percent to 4.96 euros, and Moncler, 1 percent to 24.00 euros.