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Lisbon stock exchange wakes up in the red in line with Europe
Europe wakes up in the red, with the exception of Germany. Oil continues to lose ground this session.
The Lisbon Stock Exchange opened this Tuesday in the red in a trend common to the main European markets, with the exception of the German Dax. The PSI opened trading down 0.18% at 6,617.17 points.
The biggest fallers were Ibersol, down 2.75% to 7.06 euros, followed by Mota Engil, down 2.32% to 2.52 euros, and EDP Renováveis, down 1.03% to 13.50 euros.
Also in the red are Navigator, EDP, CTT, REN, Altri, Jerónimo Martins, Greenvolt, Corticeira Amorim, NOS, Galp Energia and Banco Comercial Português (BCP).
Only Semapa is in the green, rising 0.94% to 14.96 euros.
Pedro Oliveira, a trader in Banco Carregosa's Market Room, told Jornal Económico that the "significant falls” of EDP and EDP Renováveis (which are now down 1.79% and 2.71%) are justified by the fact that JB Capital Markets "has revised downwards” the target prices for EDP Renováveis' shares from the previous 18.30 euros to 18.00 euros and EDP's from the previous 5.10 euros to 5.05 euros "although it maintains” the buy recommendation.
"The reasons for this revision of the target price relate to the weak performance of the shares, the reduction in profits and the lowering of growth estimates due to challenges in the renewables sector, thus reflecting a more conservative outlook for future results,” adds Pedro Oliveira.
XTB analyst Henrique Tomé, meanwhile, points out that as far as the listed companies in the Portuguese PSI stock market index are concerned, the utilities and energy sectors are leading the losses.
"In the case of the performance of EDP Renováveis shares, this poor performance has been felt for several sessions, and in the last 30 days the company's shares have already fallen by more than 10%. Although there doesn't seem to be any apparent reason to justify these particular falls, we can interpret them as a continuation of the trend that has already been marked since mid-September. In addition, the fact that the performance of energy commodities is also weak may also be supporting these falls,” Henrique Tomé told Jornal Económico.
The XTB analyst points out that the Portuguese stock market has fallen for four consecutive days, "registering a devaluation of almost 3% in these days”.
The main European stock exchanges opened mostly in the red, with the DAX (Germany) up 0.45%, the CAC 40 (France) down 0.30%, and the FTSE 100 (UK) down 0.42%.
The IBEX 35 (Spain) is down 0.26%, the AEX (Netherlands) is down 0.14%, and the FTSE MIB (Italy) is down 0.31%.
Oil is trading lower, with Brent crude down 0.62% to 73.83 dollars and crude down 0.60% to 69.62 dollars.
The euro is up 0.09% against the dollar to 1.08258 dollars and the euro is down 0.06% against the pound to 0.83242 pounds.
Updated at 10 a.m. with comments from analysts at Banco Carregosa and XTB.