Shares in luxury group LVMH climb on strong sales

Shares in LVMH climbed towards record highs after the world’s biggest luxury goods company reported stronger-than-forecast revenue growth for the third quarter.

The shares were up 1.8% at one stage, near a record high. The stock was also the top performer on France’s benchmark CAC-40, with the CAC slipping, and its gains pushed up shares in other luxury goods companies.

“While this will be read positively across the sector, we think this performance sets LVMH ever more firmly as one of the best performers of the industry,” wrote JP Morgan analysts, keeping an “overweight” rating on LVMH shares.