Lisbon, July 25, 2025 (Lusa) - The Lisbon stock market traded lower on Friday morning, with Navigator shares falling 5.95% to €3.06 after the company announced a 46% year-on-year drop in profits for the first half of the year.
At around 9:20 a.m. in Lisbon, the PSI maintained its opening trend and fell 1% to 7,661.06 points, with 12 stocks down, one up (EDP Renováveis, +0.78% to €10.30) and two unchanged (Ibersol at €9.60 and NOS at €3.60). On Thursday, Navigator announced that it had recorded a net profit of €85 million in the first half of 2025, representing a 46% drop compared to the same period last year.
The fall in market prices for pulp and paper, as well as increased energy, chemical, and logistics costs, affected the company’s results, explained The Navigator Company in a statement sent on Thursday to the Portuguese Securities Market Commission (CMVM). Investors observed that REN, Altri, and Semapa shares followed Navigator’s, with losses of 3.12% to €3.10, 2.54% to €4.80, and 2.16% to €17.24. Also on Thursday, REN - Redes Energéticas Nacionais reported that it closed the first half of 2025 with a net profit of €65.7 million, representing a 35.2% increase over the same period last year.
The company explained in a statement that the improvement mainly resulted from a reduction in net debt, which boosted financial results by €5.2 million, and positive tax effects, with taxes falling by €19 million. The Altri Group also informed the market that it recorded a net profit of €14 million in the first half, representing a 77.3% decrease from the €62 million it earned in the same period last year.
The company explained that the drop in results reflected “lower average pulp prices and sales volumes, as a result of more challenging conditions in the global market during this period.” More moderately, shares in Mota-Engil, BCP and Sonae rose by 1.67% to €4.13, 1.12% to €0.69 and 0.80% to €1.24, respectively.
Similarly, shares in CTT, Corticeira Amorim and Galp fell 0.53% to €7.53, 0.52% to €7.64 and 0.51% to €16.70.
Jerónimo Martins shares also fell slightly, by 0.03% to €3.77. The main European stock markets opened in the red today after the ECB kept its key interest rates unchanged on Thursday.
As the markets had anticipated, the ECB kept its key interest rates unchanged on Thursday, having successfully maintained eurozone inflation at its 2% target. Wall Street futures are up slightly after Wall Street closed mixed on Thursday, with the Dow Jones Industrial falling 0.7% and the S&P 500 and Nasdaq rising to highs, driven by solid results from Alphabet, Google’s parent company.
Today, the market will be watching the release of the Ifo index in Germany, which may continue to improve due to the announced fiscal stimulus (defence, infrastructure) and expectations of a trade agreement between the European Union and the US. Officials will also release preliminary data for June on durable goods orders. Brent crude oil, the European benchmark, for September delivery is trading at $69.72, up from $69.18 on Thursday.
Gold per troy ounce, a safe-haven asset, was down to $3,357.92, compared to $3,367.00 on Thursday and the current all-time high of $3,432.34 on 13 June. The euro was weaker at $1.1757 on the Frankfurt currency market, compared with $1.1763 on Thursday and a new high since 15 September 2021 of $1.1789 on 2 July.
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