Markets

EDP ​​Group, Mota Engil and Jerónimo Martins penalize PSI 20 that did not follow gains in Europe

EDP ​​shares fell 1,25%, to 4,41 euros, and EDP Renováveis ​​lost 2,14%, to 17,38 euros, testifying to the market reaction to the departure of António Mexia and João Manso Neto leadership of the two companies for the next term.

The PSI 20 closed this Tuesday low and did not keep up with the trend of gains registered among the main European markets.

The Stoxx 600 pan-European index rose 0,65%, reflecting the positive performance of the London, Madrid, Milan, Paris and Frankfurt stock exchanges, with gains between 0,18% and 1,89%.

Here, the main national stock index fell 0,37%, to 4.587,61 points, penalized by the devaluations of the shares of the EDP Group and also of Mota Engil, which led the losses, and Jerónimo Martins.

EDP ​​shares fell 1,25%, to 4,41 euros, and EDP Renováveis ​​lost 2,14%, to 17,38 euros, testifying to the market reaction to the departure of António Mexia and João Manso Neto leadership of the two companies for the next term following the excessive rents process. The two CEOs have been suspended from their duties since July.

Mota Engil, which last week confirmed the presence of the Chinese CCC in its share capital, and which benefited greatly from this announcement in the stock market, this week went into correction. On Monday it lost a large part of the appreciation recorded last week and, this Tuesday, it lost 3,98%, ending the trading at 1,398 euros per share.

In retail, Jerónimo Martins sank 2,05%, to 14,06 euros. In contrast, Sonae, owner of Continente, advanced 1,71%, to 0,6850 euros per share.

The gains were led by CTT, which rose 3,28% to 2,52 euros. Also noteworthy was the increase of Altri, 4,04%, and BCP, which advanced 0,42%.

In raw materials, the barrel of Brent loses 0,67%, to $ 47,56 and, in the United States, WTI yields 1,28% to $ 44,76.

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Farewell letter from António Mexia of EDP: “It was an extraordinary trip over 15 years”

In his farewell letter, the manager highlights the growth that the electric company has had since 2006, the year in which he assumed his leadership. “This is certainly the most difficult decision of my professional life, above all because it results from a context of incomprehensible justice. But I take it thinking about EDP ”.

He touched on the CMEC process: "Process based on a fantasy and purely speculative construction, without any adherence to the truth of the facts"

Decision to leave EDP was taken “regardless of the decision that may be handed down by the Lisbon Court of Appeal”, guarantees the manager in his farewell letter from EDP. António Mexia maintains his “complete determination” so that “the absence of any illegitimate benefits for EDP, as well as the legality of all decisions taken,” is clearly demonstrated during the years in which he led the electricity company. The manager also says that the investigation was "artificially drawn out".

Mexia and Manso Neto unavailable to return to lead EDP

EDP ​​shareholders asked Miguel Stiwell de Andrade to submit a proposal for the composition of the executive board of directors for the 2021-2023 term. Extraordinary General Shareholders' Meeting may be held in January 2021.
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