A collective rise in European markets, and Richemont shares rise by 5.3%

Monday, May 20, 2024 - 16:24
Point Trader Group

European markets closed slightly collectively higher on Monday, after faltering from a strong series of gains at the end of last week.

The Stoxx 600 index ended the trading day up by 0.18%, with the majority of sectors closing in green. Industrial shares rose by 0.96%, and automobile shares fell by 0.77%.

In addition, the German DAX index closed with an increase of about 0.33%, the French CAC index gained by about 0.35%, while the British FTSE index rose by about 0.05%.

Swiss luxury goods group Richemont shares rose 5.3% after several analysts raised their target prices for the stock. That extended the strong gains it posted on Friday thanks to its reporting of record sales and the announcement of a new CEO.

Global markets received a boost last week after US inflation data for April came in lower than expected, raising hopes that the US Federal Reserve will start cutting interest rates later in the year.

Shares of Cartier owner Richemont led European equity gains during morning trading and were up 5.3% at midday in London.

On Monday, analysts at Jefferies raised their target price for the stock to 165 Swiss francs, about $181.53, from 155 francs, while UBS, Telsey Advisory Group, Bryan, Garnier & Co. raised their own figures for Richemont.

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