Nestle shares slip as analysts flag impact of Wegovy release - Reuters

  • Investing.com
  • Stock Market News
Nestle shares slip as analysts flag impact of Wegovy release - Reuters
Credit: © Reuters.

Investing.com -- Shares in Nestle (SIX: NESN ) edged down on Friday, approaching a more than two-year low, as investors reportedly fretted over how the food and drink giant could be impacted by a new weight-loss drug Wegovy made by Novo Nordisk (NYSE: NVO ).

At 08:12 ET (12:12 GMT), Switzerland-listed shares in the company had fallen by 2.76% to CHF 100.06 (CHF 1 = $1.10). Peers of the maker of Nescafe coffee and KitKat chocolate wafer bars, including Unilever PLC (LON: ULVR ) and Danone (EPA: DANO ), also slipped, dragging down the pan-European food, beverage and tobacco index.

An analyst quoted by Reuters suggested that the decline could be linked to comments from a top Walmart (NYSE: WMT ) executive flagging that increased customer use of Wegovy could cause a dip in food consumption.

However, analysts said that the long-term risks to the food industry were not substantial.

Nestle declined to provide a comment to Reuters.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles