The PSI-20 index ended Friday’s session with an accumulated loss of 2.76% over the past five days and will close today, July 16, at 5,030.02 points. It was the worst week since January for the national exchange. The Stoxx 600 benchmark for Europe fell 0.8% over the same period.
The worst performers were CTT – Correios de Portugal, which fell about 13%, BCP – Banco Comercial Português, which lost about 7.5%, and Galp Energia, which lost 5.70%. Adding up the net losses of the three companies subtracts 658 million from the total capitalization of the Portuguese index.
On CTT, the largest drop was recorded on Friday (-11.21%), on the day Barclays lowered its CTT recommendation from “equal weight” to “underweight”. In the afternoon, the price fell more than 14%, which was the largest devaluation. intraday from November 2017.BCP’s weekly devaluation comes after a bank led by Miguel Maya last week rose 5% last Friday.
Galp Energia, which is depreciating again today by 1.72% to 8.46 euros, has joined the supply of oil. Brent, traded in London and serving as the benchmark for Portugal, expires for three consecutive weeks. But here, fuel prices continue to rise, in a busy week between the Government and gas stations.
While these were the three worst contributions in percentage terms, this is not the case in absolute terms, as there are companies with much higher capitalization such as the EDP clan or even Jeronimo Martins.
Also on the downside were Mota-Engil (-4.4%), EDP Renováveis (-3.6%) and EDP (-1%).
The weekend ends in “red”
In the middle of this weekly loss, the national stock exchange ended Friday’s session with a 1.58% drop, with the three listed above (CTT, BCP and Galp) showing the largest losses also in daily terms.
Added to this list are two listed companies in the pulp and paper sector, with Navigator shedding 2.61% to € 2.91 / share and Altri down 2.38% to € 5.13 / share.
However, today Santander chose the Portuguese Altri best quoted in the industry, again highlighting a buy recommendation for the pulp maker, anticipating a sector-wide recovery in Europe, according to a note that Negotsios had access to.
Benfica and Greenvault stand out among the “outsiders”
Apart from the PSI-20, the focus is on the actions of Benfica, who returned today to shoot more than 20% in the middle of the session, after the news, promoted morning Post he realized that the American John Textor would be willing to buy 25% of the SAD embodied by José António dos Santos, better known as Rey dos Frangos.
But the price Textor was willing to pay for each share was € 8.60, more than double the € 4.14 that Benfica registered at the close of the session (+ 15%). In addition to the stock rally, liquidity was significantly higher than usual. Almost 105,000 shares of Benfica were sold this Friday, compared to 3,500 shares sold per day over the past nine months.
In spite of this, the Benfica leadership announced that will oppose to the sale of shares corresponding to 25% of SAD held by John Textor. This information is contained in release sent by the Club da Luz, in which he informs that management “declares that it considers this transaction untimely, for this reason it will oppose it in the exercise of its rights and obligations, if this issue is subject to consideration at the general meeting of shareholders of Benfica SAD.”
Greenvolt, Altri’s renewable energy subsidiary, closed its second session on the national stock exchange, shedding 2.92% to 4.66 euros per share. Yesterday, the company led by João Manso Neto debuted with gains of about 13% after growing by almost 25% in the first minutes of negotiations. The shares closed 55 cents above € 4.25, which were sold in the IPO.
