Stockholm, March 7, 2026, 08:07 CET
The Nordic 120 index from Nasdaq slipped 0.78% Friday, landing at 1,603.61. Zealand Pharma out of Denmark plunged over 30% during the session, pulling sentiment across the region down with it. 1
The shock had already rippled through markets by Friday, making the move especially significant. Europe’s STOXX 600 logged its sharpest weekly decline in nearly a year, pressured by the Middle East conflict that kept oil high and disappointing U.S. jobs data dragging on expectations for swift rate cuts. Banks and healthcare were hit hardest that day. Edward Jones strategist Angelo Kourkafas pointed out the oil surge put the Fed in a “difficult position,” while Amundi’s Ciaran Callaghan noted Europe was “a bit more exposed” to pricier energy. 2
The fallout hit Nordic blue chips hard. Stockholm’s OMXS30 slipped to 3,038.55, down from last week’s 3,222.75. Copenhagen’s OMXC25 dropped as well, settling at 1,693.41 from 1,731.15. In Helsinki, the OMXH25 wrapped up at 5,945.02; a week ago it stood at 6,147.52, Nasdaq index data show. 3
Copenhagen shares took the biggest tumble. Zealand and Roche reported that their experimental obesity drug, petrelintide, led to up to 10.7% weight loss over 42 weeks in a mid-stage trial with 493 patients—a test intended to see if the treatment is strong enough to advance to larger late-stage studies. Still, the results came in behind what leading obesity drugs on the market have achieved. 4
Results lagged Eli Lilly’s amylin candidate eloralintide, which, by mimicking a hormone released alongside insulin, drove weight loss as high as 20.1% in a similar mid-stage trial. “It’s really hard to compare,” said Morningstar’s Karen Andersen, noting differences in gender makeup between studies, but she still sees Lilly holding a likely efficacy lead. This comes after Novo Nordisk’s own setback with a next-generation obesity therapy in February. 4
Sectra stood out in Sweden, jumping over 12% on Friday. The medical imaging and cybersecurity firm posted a 21.1% rise in nine-month operating profit, hitting SEK 501.5 million, with net sales climbing 7.9% to SEK 2.51 billion. 5
Sectra’s CEO Torbjörn Kronander said, “satisfied customers ‘stay and grow with us,’” as the company pointed to a solid underlying profit trend. Currency swings and setbacks on deliveries in the secure communications unit hit the quarter, but those headwinds didn’t shake the overall trajectory. 6
Nordic shares face a clear risk right now. Goldman Sachs has flagged the threat of oil soaring past $100 a barrel if shipments through the Strait of Hormuz don’t bounce back—a real possibility, they say. Oil’s latest rally could soon spill over into euro zone inflation. If healthcare stocks remain under pressure and investors keep dialing down exposure, that leaves little room for stocks to catch a break. 7
