CTT sinks 7% and penalizes Lisbon Stock Exchange

  • ECO News
  • 24 September 2019

The Lisbon Stock Exchange closed in red for the third time in a row, penalized by CTT securities which sank by almost 7%. BCP and Galp Energia were also pressing the national index.

The Lisbon Stock Exchange closed in red for the third consecutive session, with CTT shares sinking almost 7%. Penalizing the index were the BCP and Galp Energia securities. To prevent a more accentuated fall in the stock market was EDP, which added up to more than 1%.

The PSI-20, the main Portuguese index, fell 0.35% to 4,955.87 points, with most of the listed companies falling, especially CTT. The shares of the postal company sunk 6.68% to 2.012 euros, retreating for the third consecutive session, presenting the worst session since February 21.

With the same fate was BCP, which devalued 1.32% to 0.1874 euros, the lowest value since 20 April 2017. The bank’s securities continue to hit lows, at a time when the entire European banking sector is being punished: the Stoxx 600 Banks, which brings together the main banks in Europe, fell by 0.63%.

Also on the downturn, Galp’s bonds fell 0.55% to 13,675 euros, at a time when the price of a barrel of oil is falling in international markets. The Brent barrel depreciates 1.76% and the WTI loses 1.59%.

Additionally in the red, EDP Renováveis lost 0.1% to 9.87 euros and Jerónimo Martins fell 0.03% to 15.775 euros.

Preventing a more accentuated fall in the PSI-20 were the EDP shares, which added 1.05% to 3.547 euros, and also those of Sonae, which added 0.3% to 0.8405 euros.