Khartoum: The Netherlands-based semiconductor manufacturer ASML secured a market value of $376.7 billion at the end of September, becoming the most valuable firm in Europe in the third quarter of the year.
According to Anadolu Agency, tariff-induced uncertainties and the war in Ukraine significantly influenced the European market's direction from January to September. Additionally, changes in the financing costs of European firms and the European Central Bank's total 100 basis point cuts so far this year contributed to these market developments.
ASML's top market cap was closely followed by German firm SAP, with a value of $311.2 billion. Fashion and luxury clothing brands also ranked among the most valuable firms in Europe in the third quarter. French fashion conglomerate LVMH Moet Hennessy Louis Vuitton reached a market value of $306.4 billion, becoming the third most valuable company in Europe. This was followed by Dutch investment group Prosus with $303.2 billion, French luxury designer Hermes with $241.9 billion, and Danish drugmaker Novo Nordisk with $241.9 billion.
Meanwhile, French cosmetics firm L'Oreal's market cap reached $231.3 billion, followed by German tech firm Siemens with $209.43 billion, Dutch aircraft maker Airbus with $181.2 billion, and Spanish ready-to-wear fashion group Inditex with $171.8 billion.
Prosus emerged as the best-performing company in Europe, with its share price surging 56.3% since the end of last year to pound 59.94 (about $70.2). This performance was attributed to the stock performance of Chinese tech giant Tencent, in which the Dutch firm holds significant shares. Airbus was Europe's second most performant company, with a 27.5% increase in shares, as it nearly replaced Boeing following the 737 Max aircraft accidents.
ASML's stock rose 22.01%, Siemens' 21.5%, and L'Oreal's 7.8%. However, Novo Nordisk's shares fell 44.7% since the beginning of the year, to 344.65 Danish krone ($54.05), after announcing plans to lay off 9,000 of its 78,400 employees worldwide. The Danish pharmaceutical company will restructure to focus resources on growing diabetes and obesity treatments.
In the first nine months of the year, LVMH shares declined 18.1%, Hermes 10.29%, and Inditex 5.38%, while German tech firm SAP's shares also fell 3.55%.