Portugal's equity market closed higher on Wednesday in Lisbon, with the PSI index up 1.31% at the session's end and recording a fresh five-year high. Sector strength in Basic Materials, Consumer Services and Utilities underpinned the advance.
Market movers
The top performers on the PSI included Ren Redes Energeticas Nacionais SGPS SA (ELI:RENE), which rose 2.68% - an increase of 0.10 points - to finish at 3.64. The Navigator Company SA (ELI:NVGR) added 2.51% or 0.08 points to close at 3.43, while Galp Energia Nom (ELI:GALP) gained 2.42% or 0.43 points to end the session at 17.99.
On the downside, Banco Comercial Portugues (ELI:BCP) was the weakest listed, slipping 0.55% or 0.01 points to 0.90 at the close. Ibersol SGPS (ELI:IBS) finished unchanged at 11.10, and CTT Correios de Portugal SA (ELI:CTT) ticked up 0.55% or 0.04 points to 7.32 in late trade.
Market breadth and notable highs
Advancing issues outnumbered decliners on the Lisbon Stock Exchange by 19 to 6, with 4 stocks finishing flat. Shares of Ren Redes Energeticas Nacionais SGPS SA reached five-year highs after the 2.68% rise to 3.64. Ibersol SGPS also sat at a five-year high, remaining unchanged at 11.10.
Commodities and currencies
Commodities trading saw Brent oil for April delivery climb 1.61% or $1.11 to $69.91 a barrel. U.S. crude for March delivery rose 1.75% or $1.12 to $65.08 a barrel. April gold futures increased 1.46% or 73.54 to trade at 5,104.54 a troy ounce.
In foreign-exchange markets, EUR/USD was essentially unchanged, moving 0.08% to 1.19, while EUR/GBP was unchanged by 0.14% at 0.87. The U.S. Dollar Index Futures edged up 0.01% to 96.68.
Context for investors
The session's gains were concentrated in Basic Materials, Consumer Services and Utilities, lifting the PSI to its strongest close in five years. Market participation showed more advancing than declining issues, and selected stocks recorded multi-year highs. Commodities prices, including Brent, crude and the April gold futures contract, moved higher during the European session. Major euro currency pairs were broadly steady against the dollar and pound by the close.