European markets close higher as defense stocks whipsaw; Novo Nordisk shares slip 1.3%

European stocks closed higher on Tuesday, building on positive momentum from earlier in the week.

The pan-European Stoxx 600 index ended the day provisionally around 0.2% higher, with the FTSE 100 and DAX indexes up almost 0.3% and 0.4%, respectively. The CAC 40 and FTSE MIB were up 0.6% shortly after the closing bell.

Defense stocks extended Monday’s gains, with the Stoxx Europe Aerospace and Defense index ending the trading session around 1.1% higher, recovering from an earlier dip below the flatline. Switzerland’s Montana Aerospace led gains through the day and closed more than 10% higher. Germany’s Renk lost 0.6%, while Italian defense contractor Leonardo added 1.3%.

Regional defense stocks had been among the strong movers on Monday, amid the market debut of TKMS — the warship division spun off from Thyssenkrupp — and following another tense meeting between U.S. President Donald Trump and Volodymyr Zelenskyy over the weekend.

In corporate news, Danish pharmaceutical giant Novo Nordisk was 1.3% lower when markets closed. It came after the company announced it would hold an Extraordinary General Meeting on Nov. 14 to elect new members of its Board of Directors, following a dispute between existing members and Novo’s controlling shareholder.

“Following dialogue with the Novo Nordisk Foundation regarding the future composition of the Board of Directors, it has not been possible to reach a common understanding,” Chairman Helge Lund said in a statement on Tuesday.

Lund and several other members of the independent board will not stand for reelection at the upcoming EGM.