Insights from presentation of Nasdaq’s Global Issuer Pulse at Nasdaq Copenhagen

Liquidity and visibility are increasingly shaped by fragmented trading, evolving investor participation, and higher expectations for clear, consistent disclosure. Below are a few market observations—and practical implications—for Nordic IR teams.

Why share liquidity matters

Liquidity matters across market caps. On Nasdaq Copenhagen (CPH Exchange), average daily turnover is around DKK 9bn, but trading is increasingly dispersed across global venues, driving market fragmentation. For IR, reduced transparency in some venues (e.g., dark pools) can make it harder to understand the end-investor base – which should be a board-level topic. Copenhagen’s secondary market is also active in corporate bonds – an often-overlooked angle that can matter for small-cap issuers and capital markets messaging.

Current market trends that matter to IR

IR teams need to stay close to shareholder priorities and market themes. Nasdaq’s Global Issuer Pulse continues to point to investor targeting and perception work, just as focus on expectations, risks, and investor concerns are important. Many issuers are working more systematically with shareholder base development. Several also report lower participation from US investors, increasing the need for broader international outreach. Over time, market structure and domestic institutional participation may influence how quickly this develops.

Communication as a liquidity lever

Nordic IR teams are typically lean (often 1–2 IROs), which makes prioritisation and repeatable processes essential. Clear, consistent disclosure and proactive engagement can support liquidity, but capacity is limited. Many teams are testing generative AI mainly for drafting and summarisation; or have already embedded AI into their workflows – but for smaller issuers, security, compliance and governance need to be addressed while operating with leaner resources.

Winning attention looks different by size: micro-caps often rely on investor conferences, while large caps can draw more directly on C-suite visibility. A recurring gap is issuers without a dedicated IR function, where investor engagement can become reactive. Investor days / Capital Markets Days (CMDs) are gaining traction – especially when the shareholder base is international. In focus are company-specific messaging, forecasting and new developments with clear articulation of strategy, performance drivers, and forward execution to differentiate the equity story. 

Key takeaways for IR

• Treat liquidity as a communications topic
• Keep the equity story tight – expectations, risks, and investor
• Build the shareholder base deliberately and review targeting
• Use moments that create access (conferences, CMDs, C-suite time) to improve visibility and reinforce the equity narrative.

Recognition of IR best practice

Jacob Johansen, Head of IR and a member of DIRF’s board, recently received the “Best Listed Danish Company 2026” award from The Association of Listed Danish Companies on behalf of NKT. The jury highlighted clear communication and investor accessibility—core priorities in modern IR and a reminder that consistency builds long-term credibility and trust.

Click here to access to DIRF best practice guide