Lisbon Stock Exchange reverses trend and ends week with losses

The PSI-20 followed the trend of its European counterparts, on a day when a record contraction of the Portuguese, Spanish, French and Italian economies was revealed in the second quarter. Galp and NOS affect the national index.

Hugo Correia / Reuters

The Portuguese stock market closed Wednesday's session on negative ground, with the PSI-20 index closing the week with a 0,22% slide, to 4.295,82 points.

On the day that the record contraction of the Portuguese, Spanish, French and Italian economies in the second quarter was revealed, the Lisbon square was mainly penalized by the falls of Galp Energia and NOS. The oil company's shares fell 2,07%, to 8,90 euros, while those of the operator lost 1,52% 3,75 euros.

The Novabase technology titles closed in countercyclical, with an increase of 2,22% to 3,22 euros, after the IT company closed the first semester with a profit 4,8 million euros, representing a 193% increase over the same period last year.

BCP also rose (0,31%, to 0,09 euros), after it became public that the National Union of Banking Staff and Technicians, the Union of Northern Bankers and the Independent Banking Union reached agreement with the banking group to review the salary scale for 2020.

EDP ​​- Energias de Portugal fell 0,21%, to 4,29 euros, in the last session of the week. The negotiation of subscription rights to capital increase € 1,02 billion to finance part of the purchase of the Spanish company Viesgo runs until Monday. The subscription of the orders runs until the next 6th of August.

The remaining European indices followed the pessimistic sentiment, despite having been trading on the 'green' throughout the morning. The German DAX slid 0,57%, the French CAC 40 fell 1,43%, the British FTSE 100 lost 1,40%, the Dutch AEX fell 0,75%, the Spanish IBEX 35 fell 1,64% and the Italian FTSE MIB depreciated 0,67%. Euro Stoxx 50 was marked by a 1,01% devaluation.

“Preliminary data show that the French economy contracted less than expected in the second quarter. The Spanish economy contracted more than expected. While the Italian economy in turn contracted in line with expectations. Overall, the eurozone economy ended up contracting in line with estimates ”, explains Ramiro Loureiro, trader Millennium bcp, in a market note.

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