Lisbon Stock: PSI-20 reduced to historical minimum

Never before had the Lisbon Stock Exchange such a modest number of listed companies. With SAG and Compta out, only 53 companies remain. Just as last year, the number of companies leaving was higher than that of companies entering the Stock Exchange. Real Estate might change the landscape, though.

Bear in mind that the Portuguese Securities Market Authority has approved SAG’s takeover bid offer. The bid-offer went public last Friday, and it is only to be considered successful provided it obtains 90% of the necessary capital to remove the company from the stock exchange.

The counter-offer by  João Pereira Coutinho, SAG’s major shareholder, worth 0.615 euros per share, paid in cash, which the board of SAG considers to be an “adequate” amount, due to exceeding the expected value of SAG Gest’s shares in the stock exchange.

This was the last company announcing to leave the Lisbon Stock Exchange, following Compta’s similar decision. The tech company’s shareholder voted to leave the stock exchange on the 17th of April but has not yet decided when that is going to happen. Notice that at the beginning of the year, Transinsular withdrew from the Lisbon Stock Exchange.

Reflecting the national panorama, PSI-20, the Portuguese stock index, now counts with 18 listed companies, instead of the original 20. “There have been some exits, indeed. But all different and in different contexts”, Filipa Franco, Head of Listing at the Euronext Lisbon, said, adding that the issue needs to be addressed with “tranquillity”.

For the next year, Lisbon stock can expect two new entries. Montepio’s Chairman, Carlos Tavares, announced the intention of creating a publicly listed investment fund for SMEs. Equally, the Spanish Merlin Properties announced a few days ago its intention of entering the Lisbon Stock Exchange, aiming at being acknowledged as “local player”.