The PSI-20 index ended Friday’s session with a cumulative loss of 2.76% in the past five days, to close today, July 16, at 5030.02 points. This was the worst week since January of this year for the National Stock Exchange. The Stoxx 600, the benchmark for Europe, fell 0.8% over the same period.
The companies that led the worst showings were CTT – Correios de Portugal, with a decrease of about 13%, BCP – Banco Comercial Português that lost about 7.5% and Galp Energia, which fell in value by 5.70%. Adding the net losses of the three companies, 658 million is subtracted from the total capitalization of the Portuguese index.
In the case of CTT, the largest drop was recorded on Friday (-11.21%), The day Barclays lowered the CTT recommendation from “equal weight” to “underweight”. During the afternoon, the price fell more than 14%, in what was the largest devaluation On the day since November 2017.The weekly devaluation of BCP comes after last week from the bank led by Miguel Maya It rose 5% last Friday.
Galp Energia, whose value fell again today by 1.72% to 8.46 euros, joined the oil supply. Brent crude, which is traded in London and is a benchmark for Portugal, is taking three consecutive weeks to lose steam. but here, Fuel prices continue to rise, in a busy week between the government and petrol stations.
Although these were the three worst batches, in percentage terms, the same is not true in absolute terms, as there are companies with much higher capitalization, such as EDP clan or even Jerónimo Martins.
Also on the declines side were Mota-Engil (-4.4%), EDP Renováveis (-3.6%) and EDP (-1%).
The week ends in red
In the middle of this weekly loss, the National Stock Exchange ended Friday’s session 1.58% lower, and it was the three mentioned above (CTT, BCP and Galp) that also posted the biggest losses on a daily basis.
The two listed companies were added to this list in the pulp and paper sector, with Navigator down 2.61% to €2.91 per share and Altri losing 2.38% to €5.13 per share.
Still, today Portugal’s Santander elected Altri As the best quoted price in the industry, again emphasizing a “buy” recommendation for the pulp manufacturer’s shares, and predicted a recovery of the entire sector in Europe, according to a note Negócios accessed.
Benfica and Grenault stand out among the “outsiders”
Outside the PSI-20, highlighting the actions of Benfica, which today returned to pay more than 20% in the middle of the sessionAfter my news, morning mail That he realized that American John Textor was going to express his desire to buy 25% of the incarnate SAD from Jose Antonio dos Santos, better known as “Rei dos Frangos”.
But the price Textor was willing to pay for each share was €8.60, a value more than double compared to the €4.14 scored by Benfica at the close of the session (+15%). In addition to rising stocks, much higher than normal liquidity was observed. This Friday, nearly 105,000 shares of Benfica stock were traded, a number that compares to the daily average of about 3,500 securities traded in the past nine months.
However, Benfica direction announced it you will oppose On the sale of shares equal to 25% of the SAD embodied by John Textor. This information is contained in Release Posted now by Clube da Luz, reporting that “The management declares that this process is inappropriate and, for this reason, will oppose it, in the exercise of its rights and duties, if this matter is subject to deliberation at the general meeting of Benfica SAD shareholders.”
Greenvolt, a subsidiary of Altri that focuses on renewable energies, ended the second session on the national stock exchange, losing 2.92% to 4.66 euros per share. Yesterday, the company led by João Manso Neto featured a gain of close to 13%, having jumped close to 25% in the first minutes of negotiation. Shares closed 55 cents above €4.25 sold in the IPO.