Strong Novo performance leads to C20 index record

C20 ends Tuesday at a record high, but it’s not a sign that the economic crisis is over

The largest stocks on the C20 index closed Tuesday at 517.98, setting an all-time record.

Tuesday’s performance bested the previous record set in October 2007, which was before the global economic crisis took hold.

But Michael Kongshaug, the chief analyst for Danske Bank, warned against taking Tuesday’s C20 performance as a sign that the crisis is winding down. He said that it was an indicator of just one business’s success.

“Novo Nordisk is so big that it alone has a weight of over 40 percent of the index,” Kongshaug told Ritzau. “The company is doing fantastic and is pulling the rest of the stocks up with it.”

But it's not just Novo. Kongshaug also pointed to strong performances from Carlsberg, Chr. Hansen and Novozymes.