The Portuguese stock market ended Tuesday’s session lower, on a day that saw widespread declines in stock markets. The value of the PSI-20 fell by more than 1%, despite the achievement of BCP of more than 3% and the rise of Galp.
The national benchmark index ended the session 1.13% lower, with 14 stocks in the red and five higher. Lisbon followed the sentiments of Europe. Major markets on the Old Continent continue to trade with a drop of close to 2%, weighed down by sharp falls in the technology sector.
Here, the pressure on the stock market was the downfall of EDP Group and Jerónimo Martins. EDP Renováveis fell 3.3% to €21.08, while the EDP fell 1.57% to €4.578.
On the other hand, Jerónimo Martins fell 3.23% to 17,055 euros, while its rival Sonae SGPS gave 1.43% to 0.8955 euros.
The most telling drop in the index was the rally in BCP shares. The bank rose 3.38% to 0.1498 euros, to its highest in June, with the bonds extended Recorded last week. In six sessions, the bank rose more than 21%, encouraged by better prospects for Poland and the disclosure of positive investment papers for the bank.
Today’s rise comes after the announcement that the Polish bank of BCB has reached it Agreement with about 8% of customers (4,000 contracts) who had credits in Swiss francs and who were suing the foundation. Commenting on this news, CaixaBank/BPI analysts consider this development as “positive”, assuring that the bank manages to close these agreements on more favorable terms than those proposed by the country’s regulator. BCP has already stated that it is working to reach an agreement with clients out of court.
Another highlight was Galp Energia. The oil company rose 1.79 percent to 9,434 euros in a session in which Brent crude prices were already trading above $ 80 a barrel, a value untouched for three years.
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