PSI 20 rises 1,21% in line with Europe. Sonae Capital shot up 36,67% after takeover bid

On Friday, Efanor Investimentos, the majority shareholder of Sonae SGPS, made a proposal to acquire the wooden products manufacturer Sonae Indústria and Sonae Capital, which has investments in hotels, gyms and power generation. Today the shares of opposed companies have skyrocketed. Lisbon closed on a high, but still below the European counterparts that closed on the green.

The 36,67% rise in Sonae Capital's shares following the Public Acquisition Offer that the Azevedo family holding made over its subsidiaries Sonae Capital and Sonae Indústria led by the Lisbon index. The PSI-20 closed up 1,21% to 4.347,85 points.

Following the results presented last week, BCP closed up 1,53% to 0,0997 euros. Semapa, which also reported its results, closed up 2,88% to 7,87 euros. Ditto for its subsidiary Navigator, which rose 2,84% to 2,17 euros.

Another highlight was the appreciation of CTT, which went from 3,08% to 2,35 euros. Mota-Engil advanced 2,56% to 1,20 euros; Galp Energia rose 2,52% to 9,12 euros; Altri gained 2,43% to 4,30 euros; and EDP closed up 1,61% to 4,35 euros. This on the last day of the rights transaction to go to the capital increase of the electricity company. The capital increase of the electric company is approaching the last days. The rights trading ends this Monday and the share subscription period runs until August 6. The rights ended the last trading session worth 9,71 cents.

In a drop in today's session, Ibersol stood out, which lost 1,83% to 5,36 euros. Pharol lost 1,18% and Corticeira Amorim, which showed results, after the market closed, fell 0,20% to 9,85 euros. Sonae lost 0,25% to 0,5925 euros.

The closure of the Lisbon stock exchange followed the main European markets that closed higher. EuroStoxx 50 rose 2,33% to 3.248,28 points.

The German DAX gained 2,71% to 12.647 points; the CAC rose 1,93% to 4.875,9 points; the FTSE 100 shot up 2,29% to 6.036,85 points; the FTSE MIB advanced 1,51% to 19.379,8 points and the IBEX closed up 1,42% to 6.975 points. The square in Amsterdam also closed up 2,28%.

The gains were transversal to all European sectors, says the market analyst at Millennium BCP, Ramiro Loureiro. “In the Stoxx600 universe, the gains are transversal to all sectors, with Auto being the one that most valued in today's session”, says the Mtrader analyst.

"In business terms, the highlight was HSBC's negative reaction to the disclosed accounts and the fall of Siemens Healthineers after acquiring Varian Medical for US $ 16,4 billion".

The Sociéte Génerale bank had a net result with a loss much higher than estimated. After having provisioned 1,28 billion euros in the 2nd quarter of 2020, a slightly higher amount when compared to the 1,1 billion expected by analysts.

Banking income contracted 15,72% year-on-year, to 5,30 billion, slightly below the consensus of analysts. The CET1 capital ratio at the end of the period was 12,5%.

On the macroeconomic level, it was revealed that industrial activity in the Eurozone expanded at a higher rate than expected in July. British industrial activity is expanding at a slower pace than anticipated.

In today's session, the highlight was the divergences in the negotiations for the next stimulus package in the United States, which continue to separate the White House and the Democrats ”, says the analyst in the closing note of the markets.

Brent oil, in London, increases + 1,42% to $ 44,14. The euro fell -0,23% to $ 1,1751.

In the sovereign debt market, German 10-year debt increases 0,07 basis points to -0,52%. Portugal has interest rates falling from -0,45 basis points to 0,34% and Spain has interest rates falling from 0,38 basis points to 0,33%. This was the day that the Palace of Zarzuela announced that King Emeritus Juan Carlos announced that he was leaving Spain to save the Spanish monarchy.

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