LONDON – Europe’s major markets were on the upswing in mid-morning trading on Monday, with the CAC 40 in Paris leading the way as the stock market was buoyed by the results of the first round of the French general election.
The French market was up 4.3 percent to 5,279.02, followed by the FTSE MIB in Milan, 4 percent to 20,532.75, and the DAX in Frankfurt, 2.9 percent to 12,397.11. The FTSE 100 in London climbed 1.9 percent to 7,250.61.
The euro traded up at $1.07, while the pound fetched $1.28 and the Swiss franc equaled $1.00 at 12:20 p.m. CET.
Retail and luxury stocks were mostly on the rise, with the morning’s biggest risers including Jimmy Choo, 8.6 percent to 1.83 pounds after the company announced early Monday it was looking for potential buyers as part of a strategic review.
Kering was up 3.6 percent to 256.40 euros; LVMH Moët Hennessy Louis Vuitton, 4.2 percent to 215.60 euros; Tod’s, 2.2 percent to 68.65 euros, and Adidas, 2.1 percent to 184 euros.
Among the few stocks that lost ground were Koovs.com, 2.2 percent to 0.45 pounds; Mulberry, 2.1 percent to 10.85 pounds, and Joules Group, 2.8 percent to 2.68 pounds.
Overall stock and currency markets were up after Sunday’s general election in France that saw Emmanuel Macron gain the most votes, with far right wing candidate Marine Le Pen coming in second. The two candidates will face off in the final vote on May 7.
While he has no previous government experience, Macon is seen as the favorite, with both left wing and centrist politicians expressing their support for the 39-year-old candidate, warning that electing Le Pen would be disastrous for France.