European markets close higher; Renk jumps 8% on stock upgrade

European equity markets closed higher on Friday, with shares of German battle tank parts maker Renk leading the gains following a stock rating upgrade from JPMorgan.

The pan-European Stoxx 600 index closed up by 0.4%, with household goods the best-performing sector gaining 1.2%. Mining stocks were the worst performers, slipping 1%.

Weight-loss drug maker Novo Nordisk said its chief executive, Lars Fruergaard Jørgensen, will step down amid a steep decline in the pharmaceutical firm’s stock price over the past 12 months.

The Danish company said Jorgensen will continue as CEO “for a period to support a smooth transition to new leadership.”

Shares of the firm have fallen by more than 50% since the middle of 2024, which played a role in the CEO’s exit.

“The changes are, however, made in light of the recent market challenges Novo Nordisk has been facing, and the development of the company’s share price since mid-2024,” the company said in a statement.

“In light of this, the Novo Nordisk Foundation Board initiated a dialogue with the Novo Nordisk Board on the merits of an accelerated CEO succession and expressed a wish to increase its representation on the Novo Nordisk Board,” it added.