German software giant SAP becomes Europe's most valuable firm

Germany-based software company SAP became Europe's most valuable firm on Monday, surpassing Denmark's pharmaceutical company Novo Nordisk.

SAP shares increased by about 0.8% on Monday as of 1215GMT with its market value reaching around €311 billion ($336 billion).

Novo Nordisk's shares, on the other hand, lost around 2.2% in the same period, while the company's market value fell to around €275 billion.

SAP shares, which provide companies with application software such as sales and supply chain, rose about 40% in 2024 and 6.5% this year.

The software company's revenues rose above expectations last year, thanks in particular to the high demand for cloud and artificial intelligence products.

Shares of Danish Novo Nordisk, the maker of Ozempic and Wegovy drugs, fell around 16% this year after data from trials of the new-generation obesity drug Cagrisema disappointed investors.