The main index of the Lisbon Stock Exchange, the PSI20, was trading down by 0.25% at 5,523.34 points mid-morning on Tuesday after opening up by 0.04%, penalised by Navigator and Galp.
At 8:57 AM, Lisbon time, from the 18 companies listed on the Portuguese Stock Exchange, 10 were trading lower, two were unchanged – Pharol and Ramada Investimentos e Indústria at €0.2265 and €10.10, respectively – and six were trading higher.
Although Europe’s main markets are trading higher on the recovery of the Turkish lira, which fell to all-time lows in the last week, and news that Germany’s economy posted on year growth of 0.5% in the second quarter, the Portuguese stock market was down on the end of trade on Monday, led by losses in shares from the energy company Galp of 1.25% to €17.44, and paper maker Navigator, which was down 1.61% to €4.528.
On Tuesday, information was released clearing out that Angolan state oil company Sonangol is negotiating the sale of its stake in Galp to international oil investors.
Alongside this, the Administrative Court of Loulé, in Portugal’s Algarve region halted progress on an oil-well due to be drilled off the coast of Aljezur starting in September.
Altri shares were down 1.04% to €8.58, Sonae was down 0.61% €0.975 and postal company CTT was down 0.44% to €3.142.
NOS was trading down by 0.33% to €4.90 while Mota-Engil was losing 0.18% to €2.845.
Retailer Jerónimo Martins was down 0.15% to €12.905 and BCP was falling 0.15% to €12.905.
Semapa, rose 0.53% to €18.92, REN was up 0.25% to €2.452, and Corticeira Amorim was rising 0.19% to €10.56.
EDP shares were gaining 0.06% to €3.426 and shares of EDP Renováveis also rose 0.06% to €8.785.