The PSI-20 index closed Wednesday’s session with its third advance in three days. The record that allowed him to win back the highs of August 2018 today after rising by 1.02% to 5472.53 points.
With 14 companies completing growth and four unsuccessful ones, the EDP was one of those growing 2.90% to € 4.79 per share. Profit was recorded by its subsidiary EDP Renováveis, which rose 1.33% to 22.82 euros per share.
These ascents take place on the day when Berenberg more confident in the valuation of both companies on the Lisbon Stock Exchange. The German investment bank raised its target price for listed companies under the leadership of Miguel Stilwell d’Andrada in anticipation of strong growth supported by a green business strengthening strategy. Nuances were also growing (0.67%) with a maximum maturity of one year. Yesterday, JB Capital Markets strengthens its recommendation for a Portuguese company “Buy” and set a target price of € 4.89 per share. At the closing price on August 30, the day before the promissory note is issued, this target gives Miguel Almeida a potential profit of 37%.
In contrast, oil company Galp shed 0.88% to 8.60 euros per share. Today oil prices have lost more than 1%, again on the day when OPEC + agreed to continue pumping 400,000 barrels per day, every month until September 2022, when production of this raw material is expected to return to pre-pandemic levels.
BCP is the leader in Europe
The banking sector was one of the biggest gains in Wednesday’s session, as Spanish neighbors excited about the possibility of returning to full dividend payments to their shareholders. But it is in Portugal that the bank that led the day’s growth lives on the “old continent.”
BCP recorded a 2.90% gain to 13.5 cents per share on the day its Polish subsidiary Bank Millennium received a higher recommendation from an investment bank. Biuro Maklerskie mBanku upgraded its recommendation from “hold” to “accumulate”, which is equivalent to “buy”, and kept the target price unchanged at PLN 7.30, which resulted in a potential profit of 11%.
In Spain, major banks are poised to return to normal levels of shareholder compensation. Economist. Santander, Bankinter, Unicaja, Caixabank, BBVA and Sabadell have capital surpluses of € 49 billion, according to first half data. These accounts take into account the minimum capital requested by Europe (CET 1 “fully loaded”). This amount is 53% of the current market capitalization of the stock market.
According to the Spanish newspaper, in the unlikely scenario of a full distribution of this amount, this would mean more than doubling the current 22.6 billion euros, which, according to current estimates, are intended for shareholders in the next three exercises.
