European Stock Markets Climb with Zara Propelling Madrid to Year’s Peak
European stock markets ended mostly on a high note, with modest increases following the previous session’s significant surge.
Madrid’s market reaches highest level since 2018, best performance in 2024, propelled by robust results from Inditex, Zara’s parent company.
This boost also led to a new record high for the Paris market index.
Investors process US consumer inflation data, maintaining caution regarding potential Federal Reserve monetary policy adjustments.
In Madrid, the Ibex-35 index soared by 1.65% to 10,560.50 points, marking its most substantial gain in four months.
This increase was notably driven by a significant surge in Inditex’s stock, which ascended by 8.23% to an all-time high.
Inditex reported a 10% increase in sales for its fiscal year ending January 31, 2023.
The fashion giant has announced plans to boost investment in response to persistently strong demand, facing off against competitors like Shein.
Inditex also highlighted a promising start to the new fiscal year, with sales up by 11% until March 11.
The CAC 40 in Paris achieved a historic closing high by advancing 0.62% to 8,137.58 points.
European Market Highlights
London’s FTSE 100 increased by 0.31% to 7,772.17 points, and Frankfurt’s DAX slightly dipped by 0.02% to 17,961.38 points, closely mirroring its record high from the day before.
Vallourec’s shares in Paris leaped by 7.41% following ArcelorMittal’s acquisition of Apollo Global Management’s stake in the French steel pipe manufacturer for 955 million euros.
ArcelorMittal’s stock saw a slight rise of 0.12% in Amsterdam.
BNP Paribas also made significant gains in Paris, growing by 2.08%. The bank has revealed plans to return 20 billion euros to its shareholders over the next three years.
Zalando, the German online retailer, witnessed an 18.90% increase. After a year of declining sales, the company has revised its growth strategy, aiming for a rebound.
Milan’s FTSE MIB grew by 0.39% to 33,885.43 points, whereas Lisbon’s PSI 20 index dropped by 0.53% to 6,110.35 points, reflecting varied performance across European markets.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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