[STOCK MARKET UPDATE] L’Oréal Overtakes LVMH in Market Capitalization; Paris Market Gains Ground Ahead of the Fed
L’Oréal has taken the top spot in French market capitalization ahead of LVMH—a first since 2017 for a company outside the luxury sector. While Bernard Arnault’s group continues to face market skepticism, the Paris Stock Exchange is attempting to rebound this Wednesday as it awaits the U.S. Federal Reserve’s decision.
This is a powerful symbol for the French market. After several years of LVMH’s dominance, L’Oréal became the Paris stock market’s largest company by market capitalization yesterday. At the close, the cosmetics giant had a market valuation of more than 202.27 billion euros, compared with 201.42 billion for LVMH.
At midday on European markets, the CAC 40 was up +0.23%, the Milan Stock Exchange climbed +0.46%, the STOXX 600 rose +0.34%, and the German DAX was also up +0.13%.
L’Oréal Overtakes a Struggling LVMH
Things remain relatively difficult for LVMH. According to BFM Bourse, the luxury group’s stock was down 36.8% as of Tuesday since the start of the year and 46% over the past three years. LVMH has also fallen to eleventh place among Europe’s largest market capitalizations.
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