Portuguese stock market hits highest level since June 2008

The Lisbon stock market traded higher on Wednesday, with the PSI reaching a new high since June 2008 and BCP shares rising 1.67% to €0.89.

At around 9:35 a.m. in Lisbon, the PSI maintained its upward trend and advanced 0.44% to a new high since June 2008, at 9,114.73 points, with six companies rising, seven falling, and three holding steady (CTT at €7.17, Ibersol at €11.35, and Teixeira Duarte at €0.52).

BCP shares were followed by EDP Renováveis, NOS and Galp, which also rose 1.05% to €13.46, 1.03% to €4.89 and 0.53% to €18.09, respectively. Following the same trend, Mota-Engil and EDP shares rose 0.36% to €4.96 and 0.25% to €4.36.

In contrast, Navigator, Semapa and Jerónimo Martins shares fell 1.01% to €3.35, 0.85% to €23.40 and 0.66% to €21.22, respectively.

REN and Altri shares rose 0.39% to €3.91 and 0.21% to €4.75.

The other two shares that lost value were Corticeira Amorim (-0.14% to €6.97) and Sonae (-0.10% to €1.93).

At around 10:55 a.m. in Lisbon, the PSI maintained its upward trend and advanced 0.52% having reached a new high at 9.157,94 points.

The main European stock markets were up slightly today, with eyes on the publication of the minutes of the US Federal Reserve’s last meeting in January, at which it kept key interest rates unchanged, and on UK inflation.

In Europe, in addition to UK inflation data, which slowed to 3% in January from 3.4% the previous month, increasing the chances that the Bank of England will decide to cut interest rates at its next monetary policy meeting in March, attention remains focused on the publication of corporate results.

In Asia, the Tokyo Stock Exchange’s main index, the Nikkei, rose 1.02% today, boosted by the announcement of the first batch of investments in the United States by Japanese companies under the trade agreement between the two powers, while the Shanghai, Shenzhen and Hong Kong stock exchanges are not trading today due to the Lunar New Year holiday period.

Meanwhile, Wall Street futures point to gains of 0.17% for the Dow Jones and 0.25% for the Nasdaq.

As for precious metals, gold and silver recovered from Tuesday’s declines, advancing 0.88% and 2.81%, respectively.

In the commodities market, Brent, the benchmark crude oil in Europe, for April delivery, rose to $67.85, compared to $67.42 in the previous session.

The euro fell to $1.1832 on the Frankfurt foreign exchange market, compared to $1.1839 on Tuesday and $1.1980 on 27 January, a new high since June 2021.