Markets - Equity
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PARIS: The French stock market authority has found LVMH secretly bought shares in rival Hermes to build a stake, and not merely make a financial investment as the luxury group has claimed, a newspaper reported.LVMH said it would fight the findings of the watchdog's probe before its sanctions committee when it meets on May 31 to hear the company's defence.Hermes was not immediately available for comment.LVMH, which owns 22.6 percent of Hermes, surprised the market in October 2010 when it announced it had a 14 percent stake, gained partly via derivatives that allowed it to not declare its holding.Le Monde reported on Saturday that the stock market authority's investigation found LVMH had in 2001-2002 acquired an initial stake of 4.9 percent through subsidiaries based in tax havens and which was not declared in its accounts.In France, companies are required to disclose when they take a stake worth more than 5, ...
TORONTO: Canada's main stock index rose on Friday as robust economic data helped drive gains in energy stocks and financial shares, offsetting weakness in gold producers.The materials sector, a major component of the S&P/TSX composite which includes gold miners, was the lone sector to finish in the red of ten main sectors, as the price of gold fell for a seventh straight session.That weakness in gold came after some Federal Reserve officials said the US ...
NEW YORK: US stocks resumed their upward push Friday with both the Dow and S&P 500 closing at new all-time highs following favorable US economic reports.The Dow Jones Industrial Average jumped 121.18 (0.80 percent) to 15,354.40.The broad-based S&P 500 rose 15.65 (0.95 percent) to 1,666.12, while the tech-rich Nasdaq Composite Index added 33.72 (0.97 percent) to 3,498.96.Friday's gains came on the heels of an 83.7 reading on the University of Michigan index of consumer sentiment, ...
LONDON: Europe's main stock markets rebounded on Friday, with Paris jumping above 4,000 points for the first time since July 2011 as traders went bargain-hunting after earlier losses, dealers said.In late morning deals, the Paris CAC 40 rallied to 4,009.15 points, which was the highest level since July 7, 2011. It later stood at 3,992.65 points, up 0.34 percent from Thursday's close.Elsewhere, London's benchmark FTSE 100 gained 0.36 percent to 6,712.02 points, while Frankfurt's DAX ...
NEW YORK: US stocks Friday opened in positive territory following gains in leading foreign markets.Five minutes into trade, the Dow Jones Industrial Average rose 55.13 (0.36 percent) to 15,288.35.The broad-based S&P 500 increased 7.15 (0.43 percent) to 1,657.62, while the tech-rich Nasdaq Composite Index jumped 18.67 (0.54 percent) to 3,483.91.Leading indices in France, Germany, Britain and Japan were all higher.Briefing.com analyst Patrick O'Hare noted that several major companies reported weaker than expected earnings, but the ...
HONG KONG: Asian shares were mixed on Friday after US stocks dipped on weaker-than-expected economic data following recent record-breaking gains.The dollar gained slightly in Asia as investors cautiously adjusted their positions following the unit's recent surge with brokers saying plenty of players, including importers, were willing to buy on dips.Tokyo gained 0.67 percent or 100.88 points to 15,138.12, Sydney rose 0.29 percent or 15.14 points to 5,180.8, while Taipei fell 0.26 percent or 21.86 points ...
HONG KONG: China shares closed out their third-straight weekly gain strongly on Friday, as investors chased a rally in property stocks ahead of April home price data due on Saturday.The CSI300 of the leading Shanghai and Shenzhen A-share listings climbed 1.5 percent, while the Shanghai Composite Index closed up 1.4 percent at 2,282.9. This week, they rose 2 and 1.6 percent, respectively.Copyright Reuters, 2013 More Articles...
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