European shares dip on Novo Nordisk data

<p>European shares have dipped following Novo Nordisk data. </p>

European stock markets dipped in early trading today (February 11th) as sharp declines in pharmaceuticals company Novo Nordisk outweighed rallies in rival organisations.

Shares in the organisation fell 12 per cent in value, which is nearly five times the average for the past 90 days, while US regulators requested additional tests on the company's latest insulin drugs.

The stock knocked 1.7 points off the FTSEurofirst 300, which was down by 3.9 points, or 0.3 per cent at 1,158.93 points at 11:36 GMT.

Novo Nordisk's rival company Sanofi rallied 4.3 per cent as its own insulin drugs would not face competition from Novo Nordisk's products.

A senior trader in London told Reuters: "Ahold was dead money for 5 years, but it should start to see some momentum building from here.

The analyst added: "The consolidation will be complete once we get through the 2007 top."

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