Europe’s number one stock market is close to erasing 2020 drop

One European stock market has clawed back most of its losses in 2020, thanks to a heavy weighting of health-care stocks.

Photo: Niels Christian Vilmann//

Denmark’s OMX Copenhagen 25 Index on Thursday came within 2 percent of turning positive for the year. The reason? Roughly half the benchmark’s weighting comes from pharma shares, which have proven more resilient than most in a global economy ravaged by the impact of the coronavirus. Green stocks have also boosted the gauge.

That’s put the country’s equity benchmark well above its peers -- the next best performer is the Swiss Market Index, down more than 9 percent. The broader Stoxx Europe 600 Index too remains well below the levels it started the year at, despite a rebound from a March low. The narrower OMX Copenhagen 20 Index, in which Novo Nordisk A/S has a 40 percent weighting, is already up 3.4 percent for the period.

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