Stock Markets February 20, 2026

Lisbon session edges lower as PSI slips 0.05%; Semapa posts strong gains

Telecoms, consumer goods and industrials drag the market while Semapa hits a new high; mixed moves in oil, gold and FX

By Caleb Monroe
Lisbon session edges lower as PSI slips 0.05%; Semapa posts strong gains

Portugal's benchmark PSI index closed modestly lower on Friday, down 0.05%, after losses concentrated in the Telecoms, Consumer Goods and Industrials sectors. Semapa led the winners with a sharp gain and an all-time high, while Galp Energia recorded the session's steepest decline. Broader markets saw slightly more decliners than advancers on the Lisbon exchange, and commodities and FX showed varied performance.

Key Points

  • PSI closed down 0.05% as losses in Telecoms, Consumer Goods and Industrials weighed on the market.
  • Semapa (ELI:SEM) led gains with a 3.85% rise and reached an all-time high; Galp Energia (ELI:GALP) recorded the largest decline at -2.46%.
  • Commodities and FX were mixed: Brent and U.S. crude edged lower while April Gold Futures rose; major currency pairs were effectively unchanged.

Portugal's stock market ended the trading day in the red on Friday, as declines in Telecoms, Consumer Goods and Industrials exerted downward pressure on the main index.

At the close in Lisbon, the PSI registered a loss of 0.05%.

Top performers

  • Semapa (ELI:SEM) outpaced peers, finishing up 3.85% - a gain of 0.90 points - to close at 24.30. The stock rose to an all-time high during the session.
  • Banco Comercial Portugues (ELI:BCP) added 0.98%, or 0.01 points, ending the day at 0.91.
  • Jeronimo Martins SGPS SA (ELI:JMT) increased 0.57%, or 0.12 points, to finish at 21.22.

Lagging names

  • Galp Energia Nom (ELI:GALP) was the weakest performer, falling 2.46% - a loss of 0.46 points - to close at 18.24.
  • Corticeira Amorim (ELI:CORA) declined 1.57%, or 0.11 points, to finish at 6.91.
  • Nos SGPS SA (ELI:NOS) slipped 1.54%, or 0.08 points, ending the session at 4.80.

On the Lisbon Stock Exchange, declining stocks slightly outnumbered advancing ones, with 12 falling and 11 rising, while 4 issues finished unchanged.

Commodities and currency moves

In commodities trading, Brent crude for April delivery was essentially flat, down 0.01% or 0.01 to $71.65 a barrel. U.S. crude for April delivery edged lower by 0.11% or 0.07, settling at $66.33 a barrel. The April Gold Futures contract posted a notable rise, gaining 1.90% or 95.06 to trade at $5,092.46 a troy ounce.

On the foreign exchange front, EUR/USD was unchanged, at 1.18 (a 0.08% move reported), while EUR/GBP was likewise unchanged at 0.87 (a 0.13% move reported). The US Dollar Index Futures retreated 0.14% to 97.72.


Investor note

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Risks

  • Sector concentration - declines in Telecoms, Consumer Goods and Industrials may exert continued pressure on the PSI if those sectors remain weak.
  • Commodity price volatility - movements in Brent, U.S. crude and gold could influence energy and commodity-linked stocks in the Portuguese market.
  • Market breadth - with 12 decliners versus 11 advancers and 4 unchanged, limited breadth could translate to fragility in the index if selling intensifies.

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