LONDON (Reuters) – Danish drugmaker Novo Nordisk on Friday dethroned LVMH from its top market capitalization spot in Europe, which the French luxury group had held for two and a half years.
LVMH, the world’s largest luxury group, suffered from worries about the growth prospects of the Chinese economy.
The pharmaceutical group has meanwhile benefited in recent weeks from investor optimism about the increasingly lucrative market for obesity drugs.
As of 0843 GMT, Novo Nordisk had a market capitalization of $421 billion (€387.9 billion), including unlisted shares, according to data from Refinitiv and information provided by the company.
LVMH for its part had a market capitalization of 420.97 billion dollars at the same time. The group of billionaire Bernard Arnault was the first market capitalization in Europe since February 2021, the date on which it had dislodged Nestlé from the first place.
Novo Nordisk said in early August that a study found its obesity drug Wegovy reduced the risk of heart disease by 20%, sending the stock soaring.
Novo Nordisk stock has nearly tripled in the past three years, while the Louis Vuitton and Dior owner’s stock has doubled.
(Report Lucy Raitano; Diana Mandiá)
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