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LVMH Briefly Sinks Almost 9%; Traders Suspect 'Fat Finger'

By Publications Checkout
LVMH Briefly Sinks Almost 9%; Traders Suspect 'Fat Finger'

Shares in luxury goods group LVMH briefly fell almost 9% at the open on Monday before recovering in what traders said was likely a "fat finger" erroneous trade.

The shares on Paris' CAC 40 opened at €310.45 and fell to €285.7, their lowest since 12 February in the opening minutes.

The stock then recovered most of the lost ground and was at €313.3, down 0.1%, at 0939 GMT.

"Fat Finger"

Turnover in the stock was unusually high, with almost 200,000 shares traded in the first 75 minutes after the opening bell, 28% of its 100-day average daily total.

LVMH and Euronext, which operates the CAC 40 stock exchange, were not immediately available for comment.

"It was probably a fat finger right at the start of trading," said a Paris-based trader.

"No one understood what happened. It was likely a mistake," said another trader.

News by Reuters, edited by Checkout. Click subscribe to sign up for the Checkout print edition.

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