PSI closes higher in counter-cycle as Europe tumbles, helped by gains in Galp and EDPR
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The PSI closed the session on this Corpus Christi holiday with a gain of 0.005% to 7,392.67 points. It was not much, but it outperformed its European counterparts. The Lisbon stock exchange was between gains and slight losses during the session, closing with nine of the 15 listed in negative territory and six in the green, with energy standing out as a positive.
Galp followed the rise in oil prices on international markets and closed up +1.75% to 16.00 euros, with oil prices soaring and trading above the 75 dollar mark due to the worsening of the war in Iran.
EDP Renováveis, in turn, advanced +1.26% to 9.68 euros, and EDP gained +1.02% to 3.647 euros. The biggest fall was seen by Mota-Engil, which lost -4.48% to close at 3.622 euros. BCP also suffered a significant fall, falling -1.63% to 0.6388 euros, on the eve of paying dividends, and with shares already trading without the right to the dividend.
In the paper and pulp sector – heavily influenced by the dollar’s performance – Navigator rose 0.55% to 3.302 euros and Altri rose 0.41% to 4.87 euros the day after the US Federal Reserve’s monetary policy meeting, in which the central bank showed caution regarding interest rate cuts.
Semapa fell 0.49% to 16.10 euros. NOS, REN, Sonae, Ibersol, CTT and Jerónimo Martins closed in negative territory.
European stock indexes closed with sharp falls in a session marked by the possibility of the US going to war with Iran, worsening the conflict unleashed by Israel against the Islamic Republic.
Tel Aviv's main goal is to destroy Tehran's nuclear program, something that cannot be achieved without Washington's participation, but Trump did not clarify yesterday whether he would attack the Shiite regime.
However, the US president harshly criticized Powell after the Fed decided to keep interest rates in the current range of 4.25% to 4.5%, raising inflation projections and worsening growth estimates.
In this context, and without the reference of Wall Street due to a holiday in the USA, the European indices fell. The Stoxx 600 fell 0.83% and the EuroStoxx 50 lost 1.33% to 5,197 points.
London lost 0.58%, closing the FTSE at 8,791.8 points.
The CAC 40 fell 1.34% to 7,553.4 points and the DAX fell 1.12% to 23,057.4 points. The FTSE MIB lost 1.12% to 38,942.2 points and the Ibex 35 mirrored the widespread falls on European stock markets, falling 1.28% to 13,744.9 points.
The Dutch AEX closed down 0.85% and Greece closed down 1.25%.
The euro falls 0.17% to $1.1460.
Oil continues its climb with Brent rising 2.29% to $78.46 a barrel and WTI crude in the United States rising 2.6% to $77.09 a barrel.
In the sovereign debt market, Germany's 10-year yields rose 2.42 basis points to 2.52%. Portugal, in turn, saw interest rates rise 4.29 basis points, worsening the yield to 3.05%. Italy's debt soared, with interest rates rising 7.54 basis points to 3.52%, and Spain saw 10-year interest rates rise 4.97 basis points to 3.18%.
jornaleconomico
