Mota-Engil and BCP penalize Lisbon stock exchange on negative day for European markets

The Lisbon stock exchange fell 0.87% to 7,480.02 points in the middle of Tuesday's session, penalized mainly by shares of Mota-Engil (3.63%; 3.930 euros) and BCP (2.41%; 0.6812 euros).

In energy, EDP Renováveis ​​fell 1.79% to 9.61 euros and EDP lost 0.25% to 3.633 euros. Among the listed companies in decline were also Jerónimo Martins (-1.21%), Altri (-0.20%), Sonae (-1.18%), NOS (-0.66%) and Ibersol (-0.63%).

Avoiding major losses in the national benchmark index are Galp Energia (+0.73%; 15.90 euros), REN (+0.66%; 3.030 euros) and The Navigator (+0.12%; 3.300 euros).

“On Portuguese soil, Ibersol is highlighting its dividend and BCP is trading for the last session with the right to it, and is currently being dragged down by the negative environment in the Banking sector, while Galp is following the favorable winds of the Energy sector, which was the only one on the rise”, analyses Millennium Investment Banking in its daily market note.

Turning to the European panorama, the sentiment is negative. The German DAX lost 0.85%, the French CAC fell 0.70% and the Spanish IBEX depreciated 1.27%.

“European stock markets are falling again, with tensions between Iran and Israel taking center stage. Last-minute reports indicate that Donald Trump has issued an alert to evacuate Tehran and abandoned an important meeting in Canada with G-7 leaders, to return to Washington as soon as possible to deal with important matters, which may be related to the Middle East,” adds the same bulletin, written by Ramiro Loureiro.

“On the macroeconomic level, it is worth highlighting the Zew Survey’s indication that investor confidence and expectations, measured by a survey of 350 market professionals, improved in June in Germany and the Eurozone”.

The barrel of Brent rose 1.99% to 74.69 dollars and the barrel of crude gained 1.86% to 71.56 dollars.

“Oil prices are climbing again. Renewable energy companies are feeling the pressure after U.S. Senate Republicans unveiled a bill that would end tax credits for wind and solar power sooner than for other sources, and make only modest changes to most other incentives.”