Stock Groups

Luxury goods group Hermes wins promotion to blue-chip Euro STOXX 50 index -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Hermes logo is seen in a shop as COVID-19 continues to spread. This was taken in Zurich (Switzerland) February 17, 2021. REUTERS/Arnd Wiegmann

PARIS (Reuters), – Hermes, a French luxury goods manufacturer, was promoted to the Euro STOXX 50 equity market index on Wednesday. This could boost investment funds’ interest in the stock which is at all time highs.

According to the index provider, Hermes will officially enter Euro STOXX 50 starting December 20. Hermes could be a catalyst for more demand, as index-tracking funds can automatically add stock to their portfolio.

Shares in Hermes, which posted stronger-than-forecast third quarter sales in October, have risen by nearly 90% so far in 2021 and have hit record highs.

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