The Lisbon stock market began the week on a negative note, with the benchmark PSI index declining by 0.11% to 6,748.81 points. This downturn mirrored the negative trends seen across European markets. Out of the 16 major listed companies, ten experienced losses, four gained, and two remained unchanged.
The opening of the Lisbon stock exchange was marked by a general decline, reflecting a broader trend in European markets. The PSI index’s slight drop indicates investor caution as they navigate through various economic signals.
Jerónimo Martins Under Pressure
Jerónimo Martins, a leading retail company, saw its shares fall by 1.66%, closing at 17.14 euros. This decline followed a downgrade from Bestinver, which revised its recommendation from “buy” to “hold.” This shift in sentiment has raised concerns among investors about the company’s future performance.
Following Jerónimo Martins, EDP Renováveis was the second-largest loser, with a 0.77% drop to 14.21 euros. The company faced pressure from a recent report by Kepler Cheuvreux, which lowered its price target by four euros to 19.10 euros, although it maintained a “buy” recommendation.
Despite the overall downturn, a few companies managed to post gains. BCP led the way with a 0.53% increase, reaching 0.4406 euros, marking its highest point since May 2016. The bank had a strong performance last week, surging over 9%.
Galp also saw a 0.53% rise to 17.20 euros, despite a trading update indicating a 68% year-on-year decline in refining margins for the third quarter.
