LVMH Regains Title of Europe’s Most Valuable Stock From Novo
- LVMH’s market cap overtakes Novo for first time since 2023
- Earnings from peers, China stimulus hopes help boost sentiment
Bernard Arnault during an earnings news conference at the company's headquarters in Paris.
Photographer: Benjamin Girette/BloombergIt’s taken LVMH nearly a year-and-a-half to wrestle back its spot as Europe’s biggest stock from Novo Nordisk A/S.
The Danish drugmaker’s shares fell 4.3% on Friday after its blockbusters Ozempic and Wegovy became the latest drugs to be targeted under US legislation, giving Novo Nordisk a market capitalization equivalent to about $355 billion. That took it below the French luxury-goods maker for the first time since September 2023.