The Danish stock market fell 2 percent as it opened at 9 am, just minutes after Donald Trump had been confirmed as the 45th president of the United States.
In the build-up to the election, stock markets around the world had assumed that Hillary Clinton would be the US president. Trump’s surprise victory has resulted in markets all over the world seeing red – among them Denmark’s C20 index.
An ill wind that blows
The biggest loser was wind turbine company Vestas, which plummeted 11 percent at the opening bell at 9 am, before rebounding to a loss of just 7.6 percent within an hour.
Pretty much all of the major Danish companies opened lower. The last time the Danish stock market opened so low was on June 23 when Britain opted for the Brexit and the C20 index fell by 10 percent just after the stock market’s opening bell.
Novo Nordisk investors breathe a sigh of relief
One of the only Danish companies that rose on the news of Trump’s victory was Novo Nordisk.
The company has long feared that if Hillary Clinton was elected, she would fight to lower prices on drugs like insulin, which Novo Nordisk sells in the US. Novo’s stock increased by nearly 6 percent this morning.