LVMH shares surge on Louis Vuitton sales in Asia

LVMH shares gained the most in a year after results beat estimates on demand for Louis Vuitton bags in Japan and Europe, providing some relief for a beleaguered luxury-goods industry.

The stock rose 6.5% at one stage in Paris yesterday, and earlier surged to 7.4%, the biggest intraday gain since early last year.

The stock had declined 15% in six months, weighed down by slowing demand in Asia.