LUSA 07/10/2024

Lusa - Business News - Portugal: Lisbon stocks trade higher; index up 0.2% as BCP leads gains, up 1.5%

Lisbon, July 9, 2024 (Lusa) - The Lisbon stock market was trading higher on Tuesday morning, with shares in the bank BCP leading the gainers, up 1.52% to €0.38.     

At around 9.25 a.m. in Lisbon, the benchmark PSI (Portugal Stock Index) had reversed its opening trend and was up 0.22% on Mondya's close at 6,671.22 points, with nine of its constituent shares rising, five falling and two remaining unchanged (Greenvolt at €8.34 and NOS at €3.42).         

Altri, Ibersol and Sonae, which gained 0.93% to €5.40, 0.87% to €6.98 and 0.44% to €0.90. Corticeira Amorim, REN and Semapa rose 0.42% to €9.53, 0.22% to €2.30 and 0.14% to €14.62; in turn, Navigator and EDP rose 0.05% to €3.85 and 0.03% to €3.55.       

By contrast, shares in Galp, CTT and Jerónimo Martins fell 0.77% to €19.89, 0.48% to €4.13 and 0.16% to €18.48. The other two losers on Tuesday morning were EDP Renováveis and Mota-Engil, which fell 0.07% to €13.50 and 0.06% to €3.42. 

Major European stock markets were down on Tuesday, on a day when the market is awaiting the speech by the chairman of the US Federal Reserve, Jerome Powell, to the Senate banking committee, as he may give clues about the Fed's next monetary policy measures.

In addition to Powell, the market is also waiting for the US treasury secretary, Janet Yellen, to appear before Congress. 

With no major macroeconomic data expected on Tuesday, the futures of the main Wall Street stock market indicators point to an opening with gains of between 0.15% and 0.30%. Investors are awaiting the release of the June Consumer Price Index on Thursday and the release of the second quarter results of the big three US banks - JPMorgan Chase, Wells Fargo and Citigroup - on Friday.

On Monday, US stocks had closed mixed, with the Dow Jones in the red but the Nasdaq rising to a new high. 

Investors continue to analyse the results of the second round of the French elections, where the left managed a major electoral turnaround as the New Popular Front came first in the second round of the country's snap legislative elections, relegating Marine Le Pen's far-right National Rally to third place.

The political map left by Sunday's vote includes an extremely divided National Assembly with no clear majorities, meaning that the country's governability is entering a very uncertain phase.

The yield on Germany's 10-year government bond, considered the European benchmark, rose to 2.554%, up from 2.538% on Monday, as did the yield on the French benchmark bond, which rose to 3.186%, up from 3.164%.     

A barrel of Brent crude oil for September delivery opened lower on Tuesday on London's Intercontinental Exchange Futures (ICE), , at $85.55, compared to $85.75 on Monday.

On the foreign exchange market, the euro opened weaker on the Frankfurt exchange, at $1.0825, compared to $1.0832 in the previous session.