Danish shares sharply lower midmorning

Danish shares sharply lower midmorning

	Published : Tue, 27 Feb 2007 10:55 By : Agencies Print this Story

COPENHAGEN (AFX) - Danish shares were sharply lower midmorning with index heavy Vestas Wind Systems, AP Moller-Maersk and Novo Nordisk AS leading the downturn, dealers said.

At 10.30 am, the OMXC20 index was down 11.97 points at 461.88, and the OMXCB Benchmark index fell 11.61 points to 438.85.

Asian markets were sharply lower, 'and the US was also down, and this contributes to the profit taking we see today,' Torben Krogh Nielsen at Saxo Bank said.

According to Danish daily Borsen, former US Federal Reserve chairman Alan Greenspan said the US may be heading for a recession. Krogh Nielsen said, however, that Greenspan's statement did not affect the Danish stock market to any larger extent.

Vestas Wind Systems was down 10.00 dkr at 265.50. The US investment fund Franklin Resources yesterday lowered its stake in Vestas to 9.75 pct of the capital versus previously 14.9 pct, and there are speculations the fund may continue to sell out, analysts said according to RB Borsen.

AP Moller-Maersk shed 2,000 dkr to 60,200, following its Asian competitors down after the heavy downturn in Shanghai, analysts said.

Novo Nordisk fell 14.50 dkr to 470.50, following the group's statement yesterday it will not use its drug NovoSeven for bleeding in the brain, Krogh Nielsen said.

Chevreux lowered its rating of the Novo Nordisk to 'underperform' from 'outperform', RB Borsen reported.

ALK Abello AS presented positive data for its pollen vaccine Grazax, but its shares were down 38,00 dkr at 1,097.00.

Danske Bank AS was down 4.50 dkr at 265.00 while Jyske Bank AS shed 15.00 dkr to 446.50.

FL Smidth AS, which is due tomorrow to present its 2006 full year report, was down 13.00 dkr at 383.50.

Among other stocks, Coloplast shed 15.50 dkr to 480.00, DSV was down 29.00 dkr at 975.00 and Novozymes AS fell 11.00 dkr to 490.00.

gustav.sandstrom@thomson.com

gs/jfr

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited