Paper Industry drags Lisbon Stock Exchange

  • ECO News
  • 2 October 2019

In Portugal, the paper industry did not resist and big names like Galp and BCP also retreated.

Was a red tide that flooded world markets in Wednesday’s session, with investors fleeing risk because of signs of global economic slowdown. Lisbon did not escape pessimism. Paper mills were among the most punished given their prominent export profile. Heavy weights such as Jerónimo Martins, Galp and BCP fell by more than 2% and further aggravated the losses for the year.

After all, the PSI-20, the main Portuguese index, closed to fall 1.35% to 4,882.33 points, in a session in which only REN escaped the selling pressure. In the paper sector, more sensitive to the external environment, Altri gave up 3.16% to 5.82 euros and Navigator fell 2.45% to 3.106 euros – Semapa, which controls 70% of Navigator, was dragged and fell 1.21%.

Jerónimo Martins, Galp and BCP lost more than 2% of the national heavy weights. On the gains side, the electricity network manager survived with an increase from 1.36% to 2.605 euros.