(News Bulletin 247) – The pharmaceutical group overtook the luxury company during the session, according to Reuters.
Luxury has been struggling for several sessions, and as a result LVMH has lost its crown of first European capitalization. At least for a brief time and according to Reuters.
According to Refinitiv data cited by the agency, the Danish pharmaceutical group Novo Nordisk has, in dollars, exceeded the market capitalization of LVMH.
According to these data, at 8:43 a.m. GMT, or 10:43 a.m. French time, the market capitalization (the stock market value of all shares) of Novo Nordisk amounted in dollars to 421 billion dollars (389 billion euros) against 420, 97 billion dollars for the number one in luxury.
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The two groups neck and neck
LVMH had dislodged Nestlé at the beginning of 2021 from its position as the first European capitalization.
Around noon, Novo Nordisk and LVMH were neck and neck, with in euros, respective capitalizations of 390 billion and 391.6 billion.
At the beginning of August, the Danish group had been propelled on the stock market by positive clinical data for Wegovy, its treatment against obesity, which reduced the risk of heart disease by 20%. Since the beginning of the year its action has soared 66% on the Copenhagen Stock Exchange.
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