European markets rise; Novo Nordisk shares up 2%

European stocks were higher on Friday, as regional markets reopened following a closure for the Christmas holiday.

The pan-European Stoxx 600 index was almost 0.4% higher at 11:42 a.m. London time, with most sectors and major bourses in positive territory.

Healthcare stocks were among those leading the gains on Friday, with the sector lifted by a 2% boost to Novo Nordisk‘s share price. The Danish pharmaceutical giant continued its recovery from a major selloff that saw shares plummet 20% in a single session last week.

Shares of oil tanker firm Frontline were also boosted on Friday, gaining 3% by 11:47 a.m. London time. It comes as oil prices are on track for weekly gains and economic growth forecasts for China, the world’s largest oil importer, were revised upward by the World Bank amid pledges for more fiscal stimulus from Beijing.

Norwegian oil and gas company Vaar Energi also rose to the top of the Stoxx 600 index after adding 3.2%.

Swedish online gambling firm Evolution saw gains of around 3.9%, recovering from losses seen earlier this week after the company was put under review by the U.K. Gambling Commission over links to unlicensed operators.

At the other end of the index, Delivery Hero shed 5% after Taiwan’s antitrust regulator on Wednesday blocked Uber’s $950 million bid to acquire the firm’s Foodpanda business.

Elsewhere, investors are monitoring economic data out of China, where official figures showed industrial profits in the world’s second biggest economy contracted for the fourth consecutive month in November.

The data print came a day after the World Bank raised its growth forecasts for China in 2024 and 2025, but warned that the country’s economy would remain under pressure, given muted business confidence and ongoing uncertainty in the troubled Chinese property sector.

Markets were in mixed territory overnight in Asia, as traders reacted to the latest Chinese data print, as well as recent inflation numbers out of Japan. In an update on Friday, official figures showed core inflation in the city of Tokyo was at 3% in November, up from 2.6% in October.