EDP Group and retail give PSI its best session since October
The Lisbon stock exchange closed with robust gains this Monday, with the PSI recording its best session since October and outperforming the main European markets, which closed mixed after the German elections.
The national benchmark index, the PSI, rose 1.62% to 6,819.07 points , with 12 of its 15 stocks in the green, driven by gains from the EDP group.
EDP Renováveis rose 3.48% to €9.21, having shot up more than 5% on the stock market this Monday , reaching a high of more than a month, in a session in which the utilities sector (gas, electricity and water) recorded one of the best performances in Europe. EDP also closed with solid gains, rising 3.33% to €3.135.
The European energy sector benefited from optimism surrounding the sale of a renewable energy business by the English National Grid in the US to Brookfield Asset Management for 1.74 billion dollars. This rotation of assets, as João Queiroz, head of trading at Banco Carregosa, explained to Negócios, demonstrates "liquidity in the renewable energy market".
The retail sector also helped to boost the index's gains, with Jerónimo Martins rising 2.70% and Sonae SGPS rising 1.89%.
BCP shares closed with gains of 1.56% at 0.5584 euros, after having surpassed 0.56 euros during the session, something that had not happened since March 2016, before the bank's results presentation, scheduled for next Wednesday.
BCP shares have increased in value by more than 20% since the beginning of the year, increasing market capitalization by around 1.5 billion euros.
On the losses side, Galp stood out, having depreciated by 0.73%, falling below the 15 euro mark at 14.94 euros, reaching almost one-year lows despite the gains in crude oil on international markets.
Leading the red table was Semapa, which fell 1.27% to 15.56 euros.
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