PARIS, France — L'Oréal's shares rose on Wednesday after the French cosmetics group beat first-quarter sales forecasts.

The stock was up around 1.5 percent in early trading, among the biggest gains on Paris' benchmark CAC-40 index.

L'Oréal reported late on Tuesday higher-than-expected first-quarter sales growth. Across the group, sales rose 11.4 percent to €7.6 billion (£6.6 billion), and were up 7.7 percent on a like-for-like basis.

"2019 like for like sales off to a strong start, boosted by Asia," wrote brokerage Liberum, keeping a "hold" rating on L'Oréal shares.

By Sudip Kar-Gupta and Sarah White; editor: Mark Potter.