London has regained its crown as Europe’s largest stock market following a slump in the value of luxury goods group LVMH.
According to the latest Bl0omberg index measurement, London is worth US$2.88 trillion, a couple of ticks above the Paris bourse.
BP and Shell, London’s biggest constituents, have powered ahead recently.
Anglo-Dutch Shell recently hit an all-time high as fears over the Middle East sent crude prices higher.
Paris, by contrast, has been hit by a reverse in the value of its luxury goods members with US$270bn wiped off LVMH, L’Oreal and Hermes since April, said Bloomberg.
Bernard Arnault, the founder, chairman and chief executive officer of Louis Vuitton Moet Hennessy (EPA:MC) (Louis Vuitton Moet Hennessy (EPA:MC)), also recently lost his place as the second richest man in the world to Jeff Bezos, Amazon’s founder, and chairman.
Bezos is currently worth US$156 billion, having experienced almost a US$50 billion rise in 2023, whereas Arnault, who has lost almost US$7 billion of his fortune this year, has a net worth of US$155 billion, Bloomberg revealed.
Brexit has also been blamed for the narrowing in values between the LSE and Paris, though both markets have suffered from a dearth of new issues this year.