LVMH became the first European company to hit $500bn in market capitalisation on Monday after its share price rose and the euro strengthened against the dollar, as the luxury sector continues to benefit from China’s reopening.
Shares in the Paris-listed company edged up 0.3 per cent against Friday’s close to €903.7 to briefly achieve a market capitalisation of €454bn. This was equivalent to $500.3bn as the exchange rate hit 1.1019 to the dollar.
This marks the first time a European company has ever surpassed the figure, according to Bloomberg.
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