Danish shares higher in midmorning, led by Novo Nordisk

Danish shares higher in midmorning, led by Novo Nordisk

	Published : Thu, 22 Mar 2007 11:02 By : Agencies Print this Story

COPENHAGEN (AFX) - Danish shares were higher in midmorning, with sentiment boosted by a dovish speech from US Federal Reserve director Ben Bernanke yesterday, and with Novo Nordisk taking the lead after an upgrade at JP Morgan, dealers said.

At 10.35 am, the OMXC20 index was up 7.04 points at 467.60, while the OMXCB Benchmark index gained 6.40 points to 444.98.

Novo Nordisk was up 14.00 dkr at 502.00 after the group was upgraded to 'overweight' from 'neutral' at JP Morgan.

JP Morgan said although the company's PE ratio is high, this premium valuation is justified by future prospects.

'The driver is Novo Nordisk's reliance on biologicals, which we believe face a substantially lower threat from generic competition,' it added.

Phase 2 data on Novo Nordisk's key pipeline product Liraglutide, a diabetes drug, suggest it will have a highly competitive profile, JP Morgan also said.

In other news, Novo Nordisk was recommended by Jim Cramer on his 'Mad Money' programme on CNBC because of its strong position in the growing diabetes care market.

Vestas Wind Systems gained 5.50 dkr to 303.50. According to daily Borsen, the group will reduce its guarantee on wind turbines to two years from two to five years.

AP Moller Maersk added 1000 dkr to 58,600. The transport group's Japanese competitor Mitsui OSK has upgraded its 2009/10 outlook, as it sees good growth prospects for global trade, Borsen said.

Carlsberg was up 6.00 dkr at 601.00. The group wants to focus on partnership agreements rather than mergers, Berlingske Business said, citing a report from Borsen.

DSV added 12.00 dkr to 1,000.00, ahead of its full year report which is due to be released tomorrow.

GN Store Nord gained 0.50 dkr to 85.00. The group's shareholders are criticizing its board for the high bonuses being paid out, Borsen said.

Among other shares, Trygvesta was up 10.00 dkr at 472.50, Topdanmark gained 30.00 dkr to 1,094.00, FL Smidth was up 8.00 dkr at 376.00 and NKT Holding added 10.00 dkr to 466.00.

gustav.sandstrom@thomson.com

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