Galp soars more than 6% and Lisbon leads European gains

European stock markets recorded a mostly positive day, with the Lisbon stock market performing even better. The PSI index benefited from a rise of over 6% in Galp and outperformed its main peers.

The Lisbon stock exchange's benchmark index recorded gains of around 1.47%, reaching 6,918 points. The highlight was Galp, whose shares jumped 6.83% and reached 15.96 euros, reflecting the sentiment associated with statements made by an official about the company's reserve in Namibia.

“Many people might think that investing in Namibia would not make sense, but we still have decades of oil investment that will have to happen,” Galp co-CEO João Diogo Marques da Silva said on Tuesday, triggering a rise in the company’s market capitalization.

This was followed by increases of 2.61% to 0.573 euros at BCP and 1.40% to 3.179 euros at EDP.

On the other hand, Mota-Engil contracted 2.06% and remained at 2.95 euros.

Abroad, there were increases of 0.79% in Spain and 0.61% in Italy, which led the most important European stock markets. This was followed by increases of less than 0.1% in the United Kingdom and Germany, as well as in the Euro Stoxx 50 aggregate index.

In futures, there are sharp drops, in the order of 2.52% in Brent, which remains at 72.44 dollars per barrel, and in crude, which falls 2.53%, to 68.91 dollars per barrel.