By George Glover
Novo Nordisk is no longer the king of publicly-listed European companies.
The Ozempic maker's Copnehagen-listed stock slipped 1.3%, Monday to take its total market capitalization to just under 2.33 trillion Danish kroner ($337.79 billion), according to Dow Jones Market Data.
That meant that SAP took its crown. The German software company's Frankfurt-listed shares rose 1.3% Monday to lift its total market cap to 313.70 billion euros ($339.47 billion).
The two stocks have been moving in different directions for months -- and that says something about the broader market. Novo has plummeted 41% over the past year as the weight-loss drugs boom has fizzled out, while SAP has risen by the same amount.
It's benefited from the artificial-intelligence investing craze, which is expected to boost revenue for its cloud-computing division, as well as a broader rotation from U.S. to European stocks amid worries that President Donald Trump's tariffs will fuel a flare-up in inflation and drag down growth.
LVMH Moët Hennessy Louis Vuitton is the other company vying with those two to be Europe's most valuable. Its shares have tumbled 26% over the past year with faltering consumer spending weighing on demand for its products, meaning that its market capitalization stood at about 298 billion euros ($322 billion) as of Monday's close.
Write to George Glover at george.glover@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 25, 2025 07:25 ET (11:25 GMT)
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