Why did Novonesis move?
Written after the close on
Novozymes rose sharply, helped by buyback news. Novozymes A/S, listed on Nasdaq Copenhagen, was roughly unchanged over the last five trading days, while the OMX Copenhagen 25 fell clearly, so the shares moved against a weak market. In the last session it rose sharply even as the market slipped slightly, most likely helped by the company's ongoing share buyback programme, in which a company buys its own stock and so reduces the number of shares in circulation. The completion of the MicroBioGen acquisition, an Australian yeast-breeding specialist, and the expansion of the West Allis dairy-culture plant in Wisconsin, both announced in the days before, likely added support by pointing to growth in yeast and food ingredients. Watch whether the buyback continues and whether the next quarterly report confirms that growth.
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History in plain words, not investment advice.