Shades of red dominated the last session of the week in the Lisbon Stock Exchange, with the PSI-20 index down 1.21% to 5,636.79 points. Of the 19 included in the main Portuguese index, only two remained in the green: Ibersol, which advanced 1.18%, and Pharol, up 1.00%.
The energy and retail sectors were the most exposed to penalties, with EDP Renováveis leading in losses, with a currency devaluation of 3.38%. Greenvolt (-1.13%), EDP (-0.86%), REN (-0.39%) and Galp Energia (-0.26%) also ended their trades in the red, at a time when utilities, which include electricity and gas, were heavily penalized In Europe, after the French government announced that it will implement energy sales at discounted prices, to protect families from the crisis in the energy sector.
In retail, Jerónimo Martins and Sonae fell 1.27% and 1.43%, respectively. In banks, BCP fell 1.45%. Paper mills followed the decline, with Altri the second biggest drop, losing 1.49%, and Navigator down 1.18%. On the other hand, Simaba remained unchanged. Elsewhere in Europe, the trend was also to the downside, with the benchmark Stoxx 600 index posting its worst week since November and ending the session 1.06% lower. The red tide was passing across the continent’s major markets, all down about 1.00%, at a time when investors were more cautious in the face of signs in the US of a possible rate hike ahead of expectations.
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