Stock Markets March 5, 2026

Lisbon Market Ends Slightly Higher as Telecoms, Utilities, Materials Lead Gains

PSI posts marginal rise of 0.01% as select large-cap names outperform while several names slip

By Derek Hwang
Lisbon Market Ends Slightly Higher as Telecoms, Utilities, Materials Lead Gains

Portugal's PSI index closed modestly higher, lifted by gains in the Telecoms, Utilities and Basic Materials sectors. Ibersol SGPS, Galp Energia and Nos SGPS were among the session's top performers, while Banco Comercial Portugues, Mota Engil and Teixeira Duarte recorded the largest declines. Commodity markets moved notably, with Brent and U.S. crude advancing and gold futures retreating. Currency markets saw the euro soften versus the dollar.

Key Points

  • PSI index closed up 0.01%, with Telecoms, Utilities and Basic Materials providing upward momentum.
  • Top gainers included Ibersol SGPS (+2.30%), Galp Energia (+2.27%) and Nos SGPS (+1.67%), while Banco Comercial Portugues (-2.53%), Mota Engil (-2.29%) and Teixeira Duarte (-1.86%) were the weakest.
  • Commodities and FX saw notable moves: Brent rose to $84.50 a barrel, U.S. crude to $79.47 a barrel, and April gold futures fell to $5,093.84 a troy ounce; EUR/USD moved down to 1.16.

Portugal's main stock index finished the trading day with a marginal gain on Thursday, as positive moves in Telecoms, Utilities and Basic Materials helped offset losses elsewhere. At the close in Lisbon, the PSI rose 0.01%.

Among individual stocks, Ibersol SGPS (ELI:IBS) was the session's strongest performer, climbing 2.30% or 0.25 points to finish at 11.10. Galp Energia Nom (ELI:GALP) also advanced, adding 2.27% or 0.43 points to reach 19.16 by the close. Telecoms name Nos SGPS SA (ELI:NOS) rose 1.67% or 0.09 points to trade at 5.47 in late dealing.

On the downside, Banco Comercial Portugues (ELI:BCP) led declines, falling 2.53% or 0.02 points to end the session at 0.82. Mota Engil SGPS SA (ELI:MOTA) shed 2.29% or 0.11 points to close at 4.62, while Teixeira Duarte (ELI:TDSA) slipped 1.86% or 0.01 points to 0.47.

Market breadth in Lisbon was tilted toward decliners: falling stocks outnumbered advancing ones by 14 to 10, and 7 issues finished unchanged.

Notably, shares of Nos SGPS SA reached a five-year high during the session, finishing up 1.67% or 0.09 at 5.47.


Commodity markets moved distinctly during the period. Brent oil for May delivery gained 3.81% or 3.10 to $84.50 a barrel. U.S. crude for April delivery rose 6.44% or 4.81 to $79.47 a barrel. By contrast, the April Gold Futures contract declined 0.80% or 40.86 to trade at $5,093.84 a troy ounce.

Foreign exchange rates showed some movement as well. EUR/USD was down 0.44% to 1.16. EUR/GBP unchanged 0.06% to 0.87. The US Dollar Index Futures was up 0.51% at 99.23.

Overall, the session closed with a narrowly positive reading for the PSI, supported by sector-specific strength while a larger number of individual listings finished lower. The swings in energy and precious metals markets, alongside modest currency moves, framed a market environment of selective stock-level gains rather than broad-based advance.

Risks

  • Concentration risk in sector performance - gains were driven by a few sectors (Telecoms, Utilities, Basic Materials), leaving broader market participation limited.
  • Commodity price volatility - sharp moves in Brent and U.S. crude, and a decline in April gold futures, introduce uncertainty for companies sensitive to energy and metals inputs.
  • Market breadth skew - with more decliners (14) than advancers (10), individual stock weakness could pressure sentiment despite the index's marginal gain.

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