STOCKS NEWS EUROPE-Richemont surges on H1, new CEO

Shares in Richemont (CFR.VX) gain 6.3 percent, rising to a near two-year high of 32.21 Swiss francs as the luxury goods group's first-half figures beat expectations and it appoints a new chief executive.

The stock outperforms a 0.6 percent rise in the DJ Stoxx European personal and household goods index .SXQP and gains of 0.9 percent and 0.3 percent, respectively, at Richemont's bigger rivals LVMH (LVMH.PA) and Hermes HRMS.PA..

"The first half 2009/10 results, especially margin developments, were much better than expected," says Vontobel analyst Rene Weber, adding the company has a very strong balance sheet.

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