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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
Let's take a look at some of the stocks on the move today in Europe. I'm Stephen Caroll and we're joined now by Bloomberg's Breaking News editor Louise Moon. Louise, let's start with the luxury moves. LVMH surging almost fourteen percent higher in Paris now in a wider rally to in the luxury sector.
Tell us more indeed, Yeah, So essentially this is an unexpected return to sales growth. They had their third quarter results this morning, stronger than expected performance across the board, and essentially anless is saying this is an encouraging trend, So you know, it's it's an improvement in relation to the wider sector. They're suggesting that it's a return to
growth could be possible next year. That they're citing quite a confident tone for twenty twenty six, and notably as part of these kind of encouraging trends, notably in China, which is a key market for LVMH. And as you say, it led to peers also surging. So the likes of Burbery caring also far higher across the board. So shares in LVMH rising on that unexpected positive news, A step in the right direction.
Yeah, indeed, I'm lifting the whole cat car Onto index as well, up two point three percent. Let's turn then to the UK and Page Group shares rising. This is in the recruitment sector. What do we learn from them?
Indeed, Yeah, so it's been quite a closely watched sector at the moment. Page Group had their third quarter results today and it follows two of their peers, So we had Hayes last week and Robert Waters yesterday and essentially it's together they're pointing to this trend of the market starting to improve. It's been really battered over the past year longer, and their results collectively are showing kind of
slight up upbeat market. So Page Group this morning a milder drop in gross profits in the third quarter when you compare it to the first half, and as I say that, that's kind of showing that the market is starting to improve. They said that the European market is still tough. They noted what they call subdued confidence and sentiment but the US and Asia are stable. They're saying
clients are still risk averse. You know, budgets are tightening, but they're on track to hit their four year goals that they're also doing a lot of cost cutting work. So shares are higher about six percent. They still are off their all time high, so there's still kind of a lot to be worked through in that space to do with the wider economic uncertainty, but shares are higher on a kind of a glimmer of hope.
Okay, and Rank Group their shares plunging after a city analysts change their recommendation to sell.
Indeed, this is the Germanistic tent company, so they make kind of systems for vehicles and machinery. So a downgrade from city they cut them from a neutral to a cell and analysts are saying that shares are too expensive. So Renk Group has kind of been caught up in
this wider defense rally that we've been seeing. And a quote from it, unlessa I thought I should read it out as a quite blunt it says, even pushing our valuations to the upper end of what we feel is a credible scenario, we believe Rank is overvalued and we're downgrading to a cell.
So they set a new.
Price target of sixty four euros and shares are falling as much as five percents morning closer to that price target. They're around sixty eight euros now, and that follows an almost three hundred percent year to date rally as of yesterday's close, so they've really been rallying with defense and now dropping on this downgrade from City.
The Stock Movers report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Blue Blomberg Business app. Mm hmm