Danish stocks suffer historic one-day drop

Thursday was a bad day for Danish blue chips, as the C20 Cap Index recorded its largest single-day fall since its creation in 2011.

Danish stocks suffer historic one-day drop
Carlsberg stocks fell again on Thursday. Photo: Søren Bidstrup/Scanpix
The C20 Cap index fell by 3.23 percent on Thursday, marking the index’s worst day since it was established on November 25, 2011, Ritzau Finans reported. 
Blue chip companies Vestas, Carlsberg, Genmab, FLSmidth and Pandora all fell dramatically. 
According to Ritzau Finans, the poor performance could be chalked up to falling global commodity prices and Chinese economic woes.
“We are falling in line with Europe. It is likely due to the weakened Chinese market,” Martin Munk, a senior analyst at Jyske Bank, told Ritzau. 
Other European markets fell between 0.4 and 2.1 percent on Thursday. 
Wind turbine manufacturer Vestas was the biggest loser of the day, with a 7.6 percent fall, while Danish brewery giant Carlsberg’s 3.4 percent drop followed a 9.2 percent dip on Wednesday.
For the latest stock prices and currency rates, be sure to keep an eye on The Local’s Money Market

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.


‘We agree to disagree’: Still no progress in marathon SAS strike talks

By lunchtime on Friday, talks between the Scandinavian airline SAS and unions representing striking pilots were still stuck on "difficult issues".

'We agree to disagree': Still no progress in marathon SAS strike talks

“We agree that we disagree,” Roger Klokset, from the Norwegian pilots’ union, said at lunchtime outside the headquarters of the Confederation of Swedish Enterprise in Stockholm, where talks are taking place. “We are still working to find a solution, and so long as there is still some point in continuing negotiations, we will do that.” 

Mats Ruland, a mediator for the Norwegian government, said that there were “still several difficult issues which need to be solved”. 

At 1pm on Friday, the two sides took a short break from the talks for lunch, after starting at 9am. On Thursday, they negotiated for 15 hours, breaking off at 1am on Friday morning. 

READ ALSO: What’s the latest on the SAS plane strike?

Marianne Hernæs, SAS’s negotiator on Friday told journalists she was tired after sitting at the negotiating table long into the night. 

“We need to find a model where we can meet in the middle and which can ensure that we pull in the income that we are dependent on,” she said. 

Klokset said that there was “a good atmosphere” in the talks, and that the unions were sticking together to represent their members.

“I think we’ve been extremely flexible so far. It’s ‘out of this world’,’ said Henrik Thyregod, with the Danish pilots’ union. 

“This could have been solved back in December if SAS had not made unreasonable demands on the pilots,” Klokset added. 

The strike, which is now in its 12th day, has cost SAS up to 130m kronor a day, with 2,550 flights cancelled by Thursday, affecting 270,000 passengers.