Richemont shares soar 10% as sales beat market estimates
The luxury market has been buffeted in recent months by persistently high inflation and interest rates, resulting in mortgage costs in the US rising
18 January 2024 - 10:35
UPDATED 18 January 2024 - 20:16
Richemont, the Swiss-based global luxury goods company controlled by Johann Rupert, soared more than 10% on the JSE on Thursday after its quarterly sales numbers impressed the market.
The surge in the share price, the biggest since November 2022, equated to a gain of R135bn in its market cap. To put that into perspective, the day’s gain equalled double the entire market cap of Woolworths...
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