Bad quarter on the Lisbon Stock Exchange. PSI-20 loses 3%

  • ECO News
  • 30 September 2019

The Lisbon Stock Exchange closed the last quarter with an accumulated loss of 3%. The worst performances belonged to the BCP, which lost almost a third of the value.

The BCP lost about 30% on the stock market in the third quarter that now ends. It was the worst quarterly registration for the bank in the last three years and also the worst performance among the 18 listed on the Lisbon stock exchange. Also, it’s needed to say that PSI-20 fell more than 3% in this period.

Although the main Portuguese index has risen this Monday 0.8% to 4,973.76 points, the quarter that ran from 1 June to 30 September brought losses of 3.19% to the PSI-20.  It should be noted that BCP was the biggest loser of the Portuguese index.

The share registered a quarterly variation of -29.9%, ending this Monday’s session at 19.06 cents. The bank was mainly punished after the presentation of the results of the semester in the banking sector, with successive alerts that the European Central Bank (ECB) was going to keep the banking business under pressure because of its monetary policy of minimum interest rates.

Pharol was another of the big losers of the quarter. The company led by Palha da Silva was penalized by the Brazilian operator Oi, where it detains a participation of 5%. In Lisbon, reflecting the uncertainty that hangs over the Brazilian company, Pharol’s stocks gave away 27,81% on the quarter. Faced with the difficult scenario at Oi, Telefónica is preparing an offensive to buy its rival’s mobile telephony business, in a business that could be worth four thousand million euros.

Sonae Capital and F. Ramada also closed the third quarter with sharp losses. The first listed company lost 17.70%, while the second fell 16.19%.