Galp shares tumble to 11-year low

  • ECO News
  • 30 September 2020

Shares of the Portuguese company are falling by almost 1%, worth 7.678 euros, in what is the lowest intraday level since January 2009.

The shares of Galp Energia on the Lisbon stock exchange are devaluing by almost 1%, the lowest since January 2009. The company’s performance is explained by strong falls in the sector during this year.

On a day when the PSI-20 adds 0.3%, Galp Energia is among those listed that are penalizing the national index performance. Oil stocks are falling 0.88% to 7.69 euros in what is the second consecutive losing session.

In cumulative terms, Galp is losing 7% since last Thursday and 48% since the beginning of the year.

This performance comes at a time when the oil price is depreciating in international markets. The Brent, traded in London, falls 1.15% to 41.08 dollars, while the WTI, traded in Texas, falls 0.84% to 38.95 dollars.