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LVMH briefly sinks almost 9 percent; traders suspect 'fat finger'

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LVMH briefly sinks almost 9 percent; traders suspect 'fat finger'
FILE PHOTO: A woman with a Louis Vuitton-branded shopping bag looks towards the entrance of a branch store by LVMH Moet Hennessy Louis Vuitton in Vienna, Austria October 4, 2018. REUTERS/Lisi Niesner   -   Copyright  LISI NIESNER(Reuters)
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LONDON (Reuters) – Shares in luxury goods group LVMH briefly fell almost 9 percent 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 euros (£266.35) and fell to 285.7 euros, their lowest since Feb. 12 in the opening minutes.

The stock then recovered most of the lost ground and were at 312.75 euros, down 0.2 percent, at 0905 GMT.

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.

(Reporting by Sudip Kar-Gupta and Blandine Henault in PARIS, Danilo Masoni in MILAN and Josephine Mason in LONDON, editing by Louise Heavens)

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