Portugal's equity market finished the trading session lower on Friday, with the PSI index ending down 1.28% in Lisbon. Losses were concentrated in the Consumer Services, Utilities and Financials sectors, which collectively pressured the benchmark as the day concluded.
Top and bottom movers
The session's strongest performers on the PSI were:
- Mota Engil SGPS SA (MOTA) - rose 0.70%, adding 0.03 points to finish at 4.31.
- Ren Redes Energeticas Nacionais SGPS SA (RENE) - increased 0.68%, a gain of 0.03 points to close at 3.68.
- Nos SGPS SA (NOS) - up 0.56%, or 0.03 points, settling at 5.36.
On the downside, the largest declines were recorded by:
- Jeronimo Martins SGPS SA (JMT) - fell 3.35%, a drop of 0.70 points to end the day at 20.20.
- EDP Renovaveis (EDPR) - declined 2.53%, losing 0.34 points to close at 13.09.
- Teixeira Duarte (TDSA) - decreased 2.17%, down 0.01 points to 0.41 at the close.
Market breadth and positioning
Declining issues outweighed advancing ones on the Lisbon Stock Exchange, with 14 stocks down versus 8 that gained and 7 that finished unchanged. The net result was a visibly weaker close for the PSI amid sector-specific pressure.
Commodities and currencies
Commodity markets moved markedly during the session. Brent oil for June delivery rose 2.51% - an increase of 2.56 to trade at $104.45 a barrel. U.S. crude for May delivery climbed 4.23%, up 4.00 to $98.48 a barrel. The June gold futures contract advanced 3.06%, gaining 134.70 to trade at $4,543.70 a troy ounce.
In foreign exchange, EUR/USD was reported unchanged at 1.15 with a 0.10% notation, while EUR/GBP was recorded unchanged at 0.87 with a 0.34% notation. The U.S. Dollar Index Futures rose 0.22% to 99.93.
Key takeaways
- The PSI closed down 1.28% as losses in Consumer Services, Utilities and Financials led the market lower.
- Market breadth favored declines, with 14 stocks falling versus 8 advancing and 7 unchanged.
- Commodity prices moved higher, with notable gains in Brent, U.S. crude and the June gold futures contract.
Risks and uncertainties
- Sector concentration of losses - Consumer Services, Utilities and Financials were the principal drags on the index.
- Commodity price volatility - significant moves in oil and gold accompanied the session and may influence market sentiment.
- Narrow advancing issues - the greater number of decliners relative to advancers indicates potential weakness in market breadth.