Software giant SAP has overtaken Danish drugmaker Novo Nordisk to become Europe’s most valuable company, in the latest milestone for Germany’s surging stock market.
SAP shares rose 0.6 per cent on Monday, lifting its market capitalisation to more than €312bn, just above that of Novo Nordisk, whose shares dipped 2.4 per cent.
Shares of SAP have risen more than 40 per cent in the past year as investors welcomed the shift of its business customers to the cloud and as the group rode the wave of enthusiasm for artificial intelligence. Gains for SAP have helped power a rally in Frankfurt’s blue-chip Dax index that has seen it outperform most of the world’s major stock markets.
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