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The PSI fell 3.37% to 5,487.44 points, its lowest level since March and marking the worst performance among European markets. This was the biggest drop in the national scene since June 10. Lisbon has followed strong declines in major global markets, and is still accommodating expectations of higher interest rates by the Federal Reserve through 2024, as well as a British tax cut plan. Investors fear a long and hard global recession.
All 15 companies on the index closed in the red, having all suffered declines of more than 1%.
Galp led losses with a 6.99% drop, following declines in oil prices, which fell to levels not seen since January. The company led by Andy Brown ended up not taking advantage of Raising “Target Price” by Jefferies.
Shares of CTT (-6.43%), Sonae (-5.64%) and Altri (-5.15%) were also hit with heavy penalties.
In the electrical sector, Greenvolt is down 2.62%, EDP Renováveis is down 2.17%, EDP is down 2.01% and REN is down 1.39%, the listed company that is down the least today.
Also note the declines in heavyweights Jerónimo Martins and BCP, with decreases of 2.58% and 2.15%, respectively.
Tensions in Ukraine and the widespread belief that there is a long and arduous recession ahead, along with fears of Italian election result This Sunday, it led to a strong “sell” in the stock markets.
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