LVMH climbed on the Paris Bourse on Friday morning, dragging the rest of Europe's luxury goods sector with it, after reporting better-than-expected results on Thursday.

At 09:00 GMT, LVMH was up 8.52%, compared with a 0.58% rise for the Stoxx 600 index.

The group reported sales of nearly €24 billion in the fourth quarter of 2023, thanks to resilient demand for its high-end products.

Organic growth reached 10%, above the analyst consensus of 9% quoted by HSBC.

"The most high-end products are those for which there is the strongest demand in the world," LVMH CEO Bernard Arnault told analysts.

The group also proposed raising its dividend per share to 13 euros, up from 12 euros the previous year.

"The CFO confirmed the group's ambition to maintain the current level of profitability in 2024 thanks to new cost control measures, ( ) justifying the higher valuation of the share compared to its historical average", writes Stiefel in a note, which reiterates its "buy" recommendation.

"The diversification of activities within the Group, as well as its operational flexibility and agility, are, in our opinion, testimony to the high quality of LVMH and should support the share" in the short term, add JPMorgan analysts.

"However, the outlook for the luxury goods segments that have historically supported the stock remains weak, while currency hedging will weigh on the stock in 2024, which we believe will limit the group's earnings momentum in the short term", the US bank adds.

The rise in LVMH's share price is taking the rest of Europe's luxury goods stocks with it.

Hermès advanced by 2.8742%, compared with 3.85041% for Kering. The CAC 40, which is heavily exposed to the sector, climbed 1.53%.

Montcler gained 4.59%, against 4.34% for Richemont. The European luxury goods sector was up 3.94%. (Written by Corentin Chappron, edited by Blandine Hénault)