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Software giant SAP has overtaken Novo Nordisk to become Europe’s most valuable company, in the latest milestone for Germany’s surging stock market.
SAP shares rose 1.3 per cent in early trading on Monday, lifting its market capitalisation to €313bn, just above that of the Danish drugmaker, whose shares dipped 2.5 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, helping to power a rally in Frankfurt’s Dax index that has seen it overshadow most of the world’s major stock markets.
In October last year, SAP replaced Dutch semiconductor equipment manufacturer ASML as Europe’s largest technology company. The company is now so large that it makes up a greater proportion of the German index than the auto sector, including Volkswagen and Mercedes-Benz.
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