Monday, 10 December 2007

New projects for Euronext Lisbon Blog

Hello. I'm still here. The blog has been quiet for two weeks now but you could say it has been a time to think about the future.
Euronext Lisbon will come back in a different approach to the market in the beginning of 2008. The daily post on the market will not be mandatory and the stress will be in translating some of the most relevant news on the market and trying to answer questions from the readers.
At the same time I'll try to monetize the weblog. In this moment I'm searching for possibilities. One of the already chosen is Payperpost, a service that I'm sure the reader most on to the blog scene already knows. It was on a blog that I met Payperpost and by the reactions of the experimented users it must be an honest deal.
This is in fact my first payperpost experience. And for now this is the "official" blog advertising sponsor of Euronext Lisbon. In short, a blogger gets paid to review and talk about something or someone that wants to present itself to the community.
The demands from the company that buys the post very but on thing is unavoidable: every paid post must be disclosed, this is the policy of PayPerPost and it is also the only way I will ever receive money from a post. See you soon!

Thursday, 22 November 2007

Hostil Take Over targeting Brisa

After yesterday closing came to public that the Spanish Abertis had bought, in and out of the market, during the last weeks, about 8% of Brisa's capital accumulating a total of circa 18%. Brisa has about 39% of it's capital circulating in the market as free-float. Brisa closed today's session gaining 4,66% with PSI 20 climbing 1,16%.

In the beginning of the afternoon Brisa publicly denounced the cooperation agreement it had signed with Abertis in 2002. This agreement lead to a swap of stocks but since then Brisa sold almost every stock of Abertis; it seams that Abertis has done the opposite.
According to the press Brisa has a hard core of united stock holders leaded by the family Mello. All together this group aggregates 45% of the capital.
Both Brisa and Abertis are companies specialized in the constructing and exploring highways but also have other secondary activities. Brisa has begun some weeks ago its first major business in the USA.

Wednesday, 21 November 2007

And down they go!

EDP rose 0,88% disguising along with PTM (+4.23%), Jerónimo Martins (+4.20%) the mine crash that affected 16 companies. 14 out of 16 fell more than one percent. 8 out of 14 fell more than 2%. 4 out of 8 fell more than 3% and Impresa managed to slide 7,69%. Overall all sectors were targeted by the depressive mood and some companies come very close to the year minimums.

Out of PSI 20, Martifer, for instance, closed at 8,3€ the lowest value since it was admitted to Euronext Lisbon in mid 2007.

Tuesday, 20 November 2007

Today EDP sneezed

When EDP sneezes Euronext Lisbon almost gets a cold. I guess today Euronext Lisbon was the only stock exchange that closed below yesterdays figures. During the days things were even uglier than the final scenery but even so PSI 20 lost 0,12% when most of the indexes gained more than 1%.
EDP lost 1,73% and the recovery by BCP, 1,64%, and by BPI, 2,41% was not enough to counterbalance the bad mood.
In the top of the worst we had Sonae Industria, 3,79%, Semapa, -3,31%, Jerónimo Martins, -2,24%, Brisa, -1,98% and ESF (BES), -1,88%.
Better days will come.

Monday, 19 November 2007

Mini stampede to begin the week

The situation worsened during the day and ended with a nasty outlook all over the world. Some relevant opinions presenting a gloomy future certainly helped to set the global mood.

Euronext Lisbon was not an exception. PSI 20 index lost 1,41%. In the green, and barely, only two titles: Impresa, 0,44% and Jerónimo Martins, 0,18%.

Well but I must not delay any further the bad, bed news. With the worst behaviour of the day we had:

Sonae SGPS, 4,83%

Soares da Costa, 4,05%

Sonae Industria, 3,53%

Altri, 3,49%

Portucel, 3,33%

The heavy weights didn’t behaved much better. PT for instance lost 2,37% and EDP 2,11%.

According to Diário Económico today the European Stock Exchanges registered the biggest fall in three months. The pre-announced recession in the USA and the perspective of less “gas” in the Chinese economy are the reasons to blame… for now.

Promoting the crisis?

I’m completely amazed! I subscribed a service of potential sponsored reviews to help sustaining Euronext Lisbon and I received the oddest first offer. The suggestion comes from a site called Bad Credit Offers. I’m a little naïf I must confess but in a time where the sub prime crisis is far from over I can’t avoid some stupefaction when there is a business opportunity specialized in serving credit to people with knowledgeable bad credit history.
The site is attractive and I must say compelling. The offer is diversified, from auto loans to ahm, ahm, home loans. Sub prime crisis? No!

Thursday, 15 November 2007

Is there a trend in Euronext Lisbon?

Is there a trend in Euronext Lisbon? I honestly can't see it.
Today PSI 20 fell 0,87%.
EDP climbed 1,7% but six other companies fell more than 2% each:
PT, GALP, Mota-Engil, ESF (BES), CIMPOR and JM.

Wednesday, 14 November 2007

PSI 20 in tune with the world

PSI 20 index climbed 0.33% in a movement in tune with the majority of the European stock exchanges. A rare scenary in the last days.
Galp (+2.72%) resumed the up mountain path that begun with the last week's good news from Brazil.
The highlights in the green:
Brisa, + 1,9%
Soares da costa, +1,77%
Portucel, + 1,65%

The highlights in the read:
PT Multimédia, -1,29%
Impresa, -1,28%
PT, -1,15%.

Tuesday, 13 November 2007

Going down: PSI 20, -0,57%

Four companies went up by more than 1%...
PT, 2,37%
Impresa, 2,19%
Cimpor 1,45%
Brisa 1,11%

... and four went down by more than 1%:
EDP, 4,27%
REN, 2,73%
BPI, 1,61%
GALP, 1,20%

A mild decline - PSI 20: -0,40%

Correcting a little from last weeks valorization, GALP ended the day losing 8,18%. The news of a small fire in the refinery near Oporto didn't help either.
Another big mover was PT Multimedia that lost 3,91%. The title as not quite stabilized since the spin off.
PSI 20 finished in the read but only by 0,40%.
The justification for this comes from EDP, presently the biggest in PSI 20, which gained 1,44%. PT also climbed (+0,76%). Cimpor (+1,98%) and Redes Electricas Nacionais (+1,95%) had the biggest gains in today's session.

Friday, 9 November 2007

Galp up by 24,69%

And that's a wrap for this week. EDP touched the sky and GALP ended up in paradise. A memorable week for the two biggest companies in Euronext Lisbon.
Galp Energia closed at 15,40€, climbing 24,69% (see previous post). It was followed by far by Sonae SGPS, +3,46%. The latter kept rising due to the intention to spin off in the begging 2008 the financial brunch of Sonae SGPS. This was indeed the spin off week, with the concretization of PT Multimedia separation from PT and also with the announced intention by EDP to spin off its renewable energy division, also during the next year. Remember that with this year’s acquisition in the USA by EDP, and with the significant investment in Portugal and Spain this company is already number 4 worldwide in renewable energies.
PSI 20 index closed gaining 2,14%.

Extra: Oil Fields Forever

When one finds one of the biggest fields of the best oil nature can provide one ends up rich, very rich: GALP Energia owner of 10% of the Brazilian fields yesterday discovered is climbing steeply again: more than 21% ate 11h00, GMT.
PSI 20 index is up by 2,42%.
The Tupi oil field will double Brazil oil production capability. With this new field it will have an oil surplus becoming an international exporter. Brazil’s reserves will most probably surpass Nigeria’s.
More here: "Galp says Tupi Sul field's estimated recoverable reserves 5-8 bln barrels".

Thursday, 8 November 2007

Galp Energia up 13,72%

In a day where PSI 20 ended up broken in two with huge rises but also significant losses I think it is justifiable to publish the entire list of quotes.
Galp benefited from the news of the finding of a very important oil reserve in Brazil, a field where Galp is co-owner. PT Multimedia and are starting (?) to experience the volatility expected for the next months: will they merge?
And EDP is rising probably due to the performance and expectations of its renewable energy investments: EDP is the fourth biggest in the world in this line of business.
On the downturn business as usual bad results equals lower stock exchange value (Impresa), what goes up must come down (Altri), uncertainty can lead to less value (BCP).

Wednesday, 7 November 2007

Oh my bank!

Bando Espírito Santo -3,61%
Banco Comercial Português -2,76%
Banco Português de Investimento -2,07%
What a nice day not to have stocks from financial institutions
Worse only Impresa (-4,01%) whose ill results in the new TV season are damaging seriously its business.
To end in a good note take a look and envy EDP- Energia de Portugal: +2,85%
Followed by Altri +2,03% (in a good anticipation of the good results presented after the closing bell) and by PTM (+1,63%) in the day when the Spin off from PT (-1,05%) was made.
Oh! And PSI 20 closed losing 0,40%.

Tuesday, 6 November 2007

Euronext Lisbon: the best of the day

+1,38%, this was the final figure of the day for PSI 20 index. The best result in the European stock exchanges today.
The stars of the day were PT (+3,26%), EDP (+2,47%) and Altri (+2,07%).
Only PT Multimedia had a significant decrease: 1,07%.

Monday, 5 November 2007

A bad beginning of the week

Psi 20 fell 0,59% with BPI (-3,06%) leading by far the movement. PT was the most significant among the three that managed to gain value today, by climbing 0,76%.
No news today, everything as expected. Tomorrow will have a more uncertain beginning in since things in the US are lightening up a bit with the news of good economic indicators.

Friday, 2 November 2007

Galp Energia mitigated the bad day

PSI 20 index lost again 0,73%. As excepted after the bad mood the was reignited yesterday with Citibank’s not so brilliant results and perspectives, still due to the sub-prime crisis, the markets in Europe and mainly the financial institution went on a negative stream. It is true that towards the end of the session with the not so gloomy US stock markets beginning of session things lightened up a bit but even so the top loosing companies were Banco Espírito Santo (ESF), -1,59% and BCP, -1,52%.
Again one of the big rollers followed the other side of the road, more precisely the good behaviour of Galp Energia (+1,28%), on account of the ever rising oil prices, managed to compensated partly the generalized bad day among most of the 20 companies on Euronext Lisbon top index.

Thursday, 1 November 2007

A not so bright future in the next days, I guess

Yesterday the excuse was local, today the all world had the same reason: the sub-prime crisis e far from over, at least in the next months the worry about lowering stock dividends is pending.
BCP lost 2,09% and BPI lost 1,65%. The biggest fall came from Mota-Engil, -3,15%.
EDP (+1,35%) played an important role in the overall not so bad figure of PIS 20 index: -0,73%. It is relevant to take in account that CAC 40 fell 2,00% and DAX Xetra 1,73% just to give two examples.
Gloomy days in the near future for global stock exchanges, again.

Wednesday, 31 October 2007

BCP and BPI in a losing mood

Banco Comercial Português (-3,36%) and BPI (-2,62%) were to stocks that lost the most today in PSI 20 index. The fusion is still quite uncertain as well as its terms.
PSI 20 gained 0,14% mainly due to the strong behaviour of the other blue ships like EDP (+1,13%) and PT (+1,09%).
Impresa had the best performance climbing 2,80%.

Tuesday, 30 October 2007

Barely positive index

PSI 20 spent all day losing gas but managed to end the session barely positive:+0,03%.
As expected quotes rose in response to the unexpected good financial results. It closed the day gaining 1,83%. Only Altri (+2,33%) and PT-after-PT Multimedia Spin off (+3,97%) behaved better today.
In the down side we had precisely PT Multimedia (-6,00%) and Impresa (-2,34%) for which the market is anticipating not so great results for the year.
Looking to BCP (0,0%) and BPI (-1,10%) closing quotes all seems calm but it should be noted that many stocks changed hands today. The negotiation is going on (outside the TV sets for now).

MIllenium BPI is already a TV show

Dear reader,
Is it normal in you country, while a bank is courting another (very politely) to see the CEO of the eligible groom go to a TV talk show and talk with some of the stock holders of the bride? I’m speaking of a national broadcast channel.
For me is quite bizarre! But Banco Comercial Portugues has been one of the most bizarre quotes in the world in the last months so maybe this is the beginning of a public relations service… by the groom.
Tomorrow BCP administration will present a counter proposal for the pretended fusion.
In the meanwhile BPI stokes leaded to losses today within PSI 20: - 2,76%. BCP had a slight gain: (+0.29).
PSI 20 index rose 0,69% in line with the European counterparts indexes. The most impressive climb of the day was performed by Cimpor (+3.75%), closely followed by Mota-Engil (+3.21) and by Brisa (+2.74%).
After the closing bell some companies presented quarterly results. The highlight goes to the reported unexpected profits. Tomorrow (today actually) at least in some part of the session it is expected to see quotes rising.

Friday, 26 October 2007

BCP up 7,21%

In a positive day in the stock exchanges world wide, Euronext Lisbon main index, PSI 20, climbed a bit more due to the business of the year that is (again) in perspective: the fusion between BPI and BCP. Both together represent the third biggest bank in terms os stock market capitalization in the Iberian Peninsula.
BPI stocks had a modest behaviour today, and ended in a slight fall of 0,15%. BCP's quote, on the other side rocketed more than 7% boosting the index.
Another bank that has been brought to the ring is BES, a bank that is threatened by this fusion, becoming immediately too little to keep on playing in the big league, I guess.
Several explanations have been discusses today for the BPI invitation and it's timing. It seams quite reliable the information that signals that several non-portuguese banks were on the verge to try to buy BCP. BPI played ahead and will try to keep the lead. More news, more buzz, more readers, more business, that's the immediate consequence of this proposed deal.
A final not to Semapa’s trading day: it was the biggest loser of the session: 2,44%.

Thursday, 25 October 2007

BPI asked Millenium BCP hand in marriage

PSI 20 ended rising 0,70% a little below the European average for the main stock indexes. made the top for the third day in a row climbing 3,49% - it is still far, far away from the level prior to sub-prime crisis. BCP followed by rising 2,24% and Brisa came in third valorising 2,15%. In the down side and justifying a not so neat global behaviour we had Mota-Engil falling 2,10% and, particularly, PT slipping 0,67%.

Well and that’s that for the day… but is it really?
NO! The rumour came to be true: BPI asked politely the hand of BCP (Millenium BCP). The marriage is still far away and the answer is not certain but we will have quite to talk about in the next weeks and months. For starters both banks have stocks from each other that must be sold if the deal is to be completed.
The Millenium BPI would have 30% share in the Portuguese market and would be one of the biggest banks in the Iberian Peninsula.
After the hostile attempt by Millenium BCP to take over BPI and after the top management rearrangement within BCP (where BPI had a role) this was a somewhat predictable outcome.

Wednesday, 24 October 2007 escapes again!

With PSI 20 index falling 0,86% and with the global stock exchanges in a depressive movement, climbed again very significantly: 2,47%. It was the biggest rise of PSI 20 and ended the day quoting 3,72€. Even so, it continues to be one of the cheapest stocks in Euronext Lisboa according to some evaluations (see last post).
In the downside of today's story we have Soares da Costa with big volatility in the last sessions: today it lost 4,14%. It was followed by Sonae Industria, -3,11%, and by Mota Engil, -3,06%.
During the day, before the US openings things were far better but the real estate sales and the never ending sub-prime crisis take another toll to the stock markets.

Tuesday, 23 October 2007

Is an ugly duckling? was one of the big losers during the last sessions and it is still one of the worse performers of the year within PSI 20 index.
Today, again, one investment house elected has a top pick giving it a price target of 5,15€. As a consequence it ended today’s session climbing 3,12%, closing at 3,12%. It was the biggest rise of the day.
If the predicted quote is right a huge valorisation maybe in the way. The truth is that the market is not considering so much since its take over on PT succumbed early this year.
Sporadically, news of an acquisition of PT Multimedia (that is to be spin off from PT as a consequence of the attempted take over) put some spikes in the quote evolution over last weeks but it is to be considered has a long run hypothesis, long enough to let the price slide again and again.
PSI 20 closed fairly bright: up 1,02%.
Sonae SGPS was the second leading title gaining 2,57%. PT and EDP with gains above 1% were the main responsibles for the good performance, in tune with the rest of the world.

Disclaimer: I have a few stocks of

Monday, 22 October 2007

Recession? The bad word reappears.

Eurostoxx 50, 100 and 150 performed worse than PSI 20 index, today. PSI 20 closed losing 0,97% with 8 quotes falling more than 2% and with only EDP (+0,23%) and Jerónimo Martins (+0,40%) gaining value in the session.
In the meantime from the US the mixed signals didn't help to avoid the shock wave of last Fridays mood.
Will the US economy enter in a recession? Euro valorization continues...

Sunday, 21 October 2007

Friday equals minus 0,29%

Soares da Costa climbed 10,13% after presenting its investment plan for the next years. Strange?

PSI 20 slided 0,29% last Friday, a not so bad figure in a day that ended with NY stock exchanges falling more than 2%. Even in Europe PSI 20 index performed a little bit in the upper side in relative terms. Twelve out of 20 titles lost value in the last session. Cimpor got the lead losing 2,09%.

Thursday, 18 October 2007

Is there a fusion on the way?

PSI 20 index recovered 0,26% today mainly due to the rumours of a concentration between the first and forth Portuguese private banks, BCP and BPI. The most recent scandals involving BCP administration that lead the Portuguese Central Bank and the Market Police to ask for urgent additional information is supporting the idea that a cycle has reached the end and that late scenery of concentration lead by BCP could now be ironically done by BPI and it's main stockholder taking control of BCP.
BPI ended the day gaining 2,69%, closely followed by BCP: + 1,90%. EDP (+0,69%) and PT (+0,57%) also contributed for the positive day in an not so good external context.
In fact Euronext closing figures were not spectacular probably because the significant loss by GALP all mighty: -1,38%; GALP leaded the losses in PSI 20 index.

Euronext Lisbon will be in the spotlight until the BCP issue is not solved, that’s a fact.

Wednesday, 17 October 2007

PSI 20 recovered 0,86%

Eighteen out of 20 companies recovered value today and the remaining stabilized.
Altri gained the most+4,18%. All world was in the green today. Oil prices started to relax a bit after the news on the US reserves (not so low as expected)...

Tuesday, 16 October 2007

Second day with significant losses in Euronext Lisbon

PSI 20 fell 0,7% in the second negative session in a row. Only Galp (due to the increase in oil prices) added value to its quote: +0,7%. PT and BPI didn’t budge if we compare the last two closing quotes.
Jerónimo Martins leaded the losing gang by falling 2,94%.
Among the top companies an highlight for BCP that kept on losing money in a day where the turmoil continues (see last entry): -1,26%.

Monday, 15 October 2007

The day BCP got bad news, again

Portugal Telecom (+0,48), Sonae Indústria (+0,45) and Espirito Santo (+0,38). These are the three exceptions in a day that was running pretty well until mid session. The day ended with PSI 20 losing 0,85% (not one of the worst results of the day), and with 10 out of 20 falling more than 1%. The biggest falls: Portucel -3,26% and Jerónimo Martins -3,25%.
But the buzz of the day was with BCP (-1,86%), a new scandal is on the verge with accusations of favouritism by the fonder (Jardim Gonçalves) towards it’s sun pending – supposedly a 11 million euros debt was pardoned; and also an additional accusation of favouritism towards one of the stockholders by reviewing the interest rate on a major loan. The Portuguese Central Bank and the Market Police are demanding urgent enlightenment. Tomorrow the bank board is due to do a press release.

Sunday, 14 October 2007

In one hand up, in another hand down

A heavy rise from PT (3,60%) counterbalanced the significant losses by EDP (-1,16%) and BCP (-0,92%). PSI 20 ended the day barely positive, 0,01%. Quite below IBEX 35 (+1,07%), but fairly above CAC 40 (-0,32%). The majority of the titles (14) lost value, five of them surpassing 1%. The biggest fall of the day was Jeronimo Martins: - 3,33%.

Friday, 12 October 2007

EDP's new convertible bonds equal 5% of the capital held by the State

Yesterday was one of the best performances in weeks for Lisbon Stock Exchange. PSI20 index rose 1,04% with two of the big players climbing significantly: EDP, + 2,14% and PT, 1,32%. The top of the chart was occupied by Sonae, Jerónimo Martins and Soares da Costa, rising 3,05%, 3,04% and 3,03% respectively.
Today the session began with a bad mood that at this moment is slightly mitigated. At 11h47 GMT, PSI 20 is falling 0,27%.
In today’s agenda is the public presentation of the Portuguese 2008 governmental budget, which will clarify the next year schedule for the privatisations.
From yesterday comes also the news of an additional block of EDP capital to be privatized via convertible bonds; it’s a not so disruptive way to “sell” without confusing the stock market in the short term and potentially change, again, the stock holder structure with a qualified position (above 2%).

Wednesday, 10 October 2007

Nothing new in the Euronext front

Yesterday I watched to a very nice doc on Remarque's novel "All quiet on the western front". Surely a mandatory reading on this days where Sun Tzu’s Art of War ins still in some of the book top. Both are on my which list for the next months.
But, what’s with this guy talking about books?
Well, PSI 20 Index spent the day hovering about zero and ended slightly negative (0,06%)
Impresa kept the momento of the last day climbing an additional 3,93% and Mota Engil also renew the habit of making big pushes, today climbing 5,17%. PT was one of the spoil pleasures of the day bringing Euronext main index to the red by falling 0,8%. The biggest fall was the one of PT Multimedia, -2,16%, (the spin off from PT is approaching) and it was followed by Ren (-1,67%) and by Brisa (-1,16%). But don’t be fooled by the closing quote comparison, during the day, all sort of turbulence happened.
As I was saying, it’s time for a reliable and absorbing novel.

REN up by 5,27%

Has I’ve stated before this was the day were REN had an increased free-float available due to the end of the moratoria for the stocks acquired by employees and small investors during the initial dispersion that lead to the company entry in the Stock Exchange.

Some analysts, namely the ones quoted in this article in Jornal de Negócios were expecting a pressure for a low land day for REN’s quote, but instead it rocketed more than 5%, ending the session in the maximum value of the day. The small investors refused to sell? Not quite, the day passed with this small investors flocking to the market materializing the until yesterday virtual gains of about a 30% valorisation in three months. So… today someone bought everything that moved branded “Ren”.

PSI 20 ended up by 0,34% with seven of the 20 quotes climbing. Eleven quotes represented slight losses comparing to Tuesday. Besides REN, Impresa was also na hightlight for the second session in a row, valorizing about 4% today.

Monday, 8 October 2007

Close to zero in a day where that was not so bad -PSI 20

In a day of generalized moderate losses, PSI 20 hovered about zero, ending slightly below: -0,08%.
Brisa (-1,15%), (-1,02%) and REN (-0,87%) were the leading companies in the downturn side.
Tomorrow REN will have an increased free-float available due to the end of the moratoria for the stocks acquired by employees and small investors during the initial dispersion that lead to the company entry in the Stock Exchange.
On the green the stars of the day were Mota Engil (2,27%), Impresa (1,66%) and Semapa (1,62%).

Sunday, 7 October 2007

Comissão de Mercado de Valores Imobiliários accepts NYSE = Euronext Lisbon

The Portuguese weblog Direito & Economia summarizes one of last week’s big news for the Portuguese stock exchange, at least in a symbolic level. To be more precise the Portuguese market police (CMVM) approved that any company currently quoted in New York stock markets needs only to simply apply to enter Euronext Lisbon. With this rule the need to do a public offer no longer stands and the two markets become virtually boundless. The reasoning behind this decision is that the demands from the NYSE are quite sufficient according the CMVM standards.
Let's see if any practical implication arrives from this change in the next moths or years.

Best week in 6 years: + 5,27%

According to Diário Económico the first week of October was the best week in six years for the Portuguese Stock Exchange. After registering one of the biggest falls due to the sub-prime crisis (that in fact hardly involved the Portuguese Finacial Institutions) Euronext Lisbon roared last week with the best performance worldwide.
Individually it was the most penalized company of 2007 that climbed the most: rising 14% - a rise that is still far away what would be needed to completely compensate this years overall loss. Significant is the fact that this behaviour from is connected with rumours of a take over on PT Multimedia probably during the next year. More money in the market, fusions and mergers again in the daily talks; Business as usual after the storm?

With this report I'm back in business after a short vacation.

Sunday, 23 September 2007

Galp enters Euronext 100 in the 1st of October

A brief interruption of may holydays just to give these info:
On the 1st of October:

  • Galp Energia will enter in Euronext 100
  • PT Multimedia and Banif will enter Euronext 150

Other portuguese companies already in Euronext 100: BCP, BES, BPI, EDP and Portugal Telecom.
Other portuguese companies already in Euronext 150: Cimpor, Jerónimo Martins, Mota-Engil, Portucel, Semapa, Sonae Industria, Sonae SGPS, Sonaecom and Teixeira Duarte.
Source: Diário Económico.

Tuesday, 18 September 2007


Holiday time. I'll be back in two and a half weeks - if there is still a stock exchange to return to ;-)

P.S.: I leave with all the stock exchanges recovering significantly (Euronext Lisbon, barely).

Monday, 17 September 2007

Confidence where are you? Euronext Lisbon plummets, again.

The Portuguese GDP is better than in the previous years, the enterprises have quite reasonable financial data and results, despite the turbulence concerning BCP the banking system doesn't seem to have a particular problem in these days so... Why again the worst performance in Europe?
PSI 20 index lost 1,97%. Some of the stocks moved quite a lot in volume today (BCP, Sonae.SGPS and EDP, for instance). Why this overshooting? Is it an overshooting or is it just the consequence of a sub-prime free float level? Why did all the investment funds left the country - have they?
No more words just take a look:

Quote Var %

Altri, SGPS, SA
5,03 -7,36
Jeronimo Martins-SGPS
3,84 -6,34
Mota-Engil, SGPS
5,12 -6,22
Sonae SGPS
1,67 -6,17, SGPS
3,25 -5,79
Impresa, SGPS - Nom.
2,35 -5,24
5,94 -4,96
Sonae Industria SGPS,SA
8,38 -4,88
S.C.Soares Costa
2,17 -4,40
3,45 -3,84
5,93 -2,46
Redes Energéticas Nacionais
3,45 -1,98
Espirito Santo Finl Group SA
28,50 -1,55
9,08 -1,51

8,38 4,88

PSI 20
11878 -1,97

Injured: several stocks went on a bad weekend

For once PSI 20 index stayed on the average, in European terms, it lost 0,64%.
BCP lost 2,2% and was blamed for the bad day due to its high weight in PSI 20 but if you take a look you'll notice that only four stocks rose last Friday, with Brisa leading, and many registered huge punches.

Name Quote Var %

S.C.Soares Costa 2,27 -5,02
Altri, SGPS, SA 5,43 -4,56
Mota-Engil, SGPS 5,46 -3,53
Sonae Industria SGPS,SA 8,81 -3,29, SGPS 3,45 -3,08

Brisa 9,22 1,31

Thursday, 13 September 2007

BCP explains just a part of the story

While in the rest of Europe valorisations of about (or even more) than 1% were the rule, PSI 20 managed to slide again to the worst performance of the day by losing 0,73%. The media point the finger to BCP's 1,54% decrease but watch closely to the top presented below. Impressive variations! for instance has devaluated (almost) steadily since mid July (more than 20%).

Name Quote Var %
Altri, SGPS, SA 5,69 -4,04
Impresa, SGPS - Nom. 2,50 -3,84
Mota-Engil, SGPS 5,66 -3,74, SGPS 3,56 -3,52
Galp Energia 10,41 -2,43
Cimpor-C.Port.SGPS-Nom. 6,17 -2,37
Sonae Industria SGPS,SA 9,11 -1,72
BPI-SGPS-Nom 6,20 -1,58
B.Comercial Portugues-Nom 3,18 -1,54
Brisa-Nom.(Privatiz.) 9,10 -1,30
SEMAPA-S.Inv.Gestao,SGPS 11,70 -1,18

Wednesday, 12 September 2007

PSI 20 index: A moderate fall: 0,18%

In a mixed day, the fall of two of the main Portuguese stocks, Galp (-0,92%) and EDP (-0,75%), contributed decisively to the final outcome of PSI 20: -0,18%. Remember that Galp came from big wins in the last days.

Semapa was the biggest loser of the day with the quote falling 2,06%. In the opposite extreme Mota-Engil gained the most, climbing 1,37%.

9,9% loss since July the 19th

Since July, 19th (the date of the mini-crash) Euronext Lisbon registered the third biggest fall (9,9%) among the 18 European stock exchanges from the most developed countries. The loss equals 9 783 million euros. Iceland and Ireland topped the list.

This is a loose translation of a report from Jornal de Negócios.

Tuesday, 11 September 2007

PSI 20 index: one of the smallest recoveries in Europe

PSI 20 Index recovered 0,9% of it value with 13 companies in the green. Some of the biggest fall of yesterday are also among the biggest recoveries of today, like Mota-Engil (+4,12%), Altri (+3,97%) and Soares da Costa (3,91%). It was a good day for construction companies. But the star of the day was GALP (Petroleum / Energy) that climbed 5,58% in one single session. The oil prices in the international market played a big role in this valorisation. Cimpor (-0,79%) and Brisa (-0,32%) leaded the falls accumulating losses in the last few days.
Yesterday, in a negative day all over the world, Euronext’s PSI 20 was the worst performing European stock index, today in the middle of a recovery, PSI 20 is again one of the worst performing European indexes. As I’ve said before, the aphorism “One step forward, two step backwards” is becoming the motto for the Portuguese stock exchange in the last weeks. Is there something fermenting in the horizon? In a small stock exchange strange things happen often. Beware!

Euronext Lisbon – the worst performing Stock Exchange in Europe during August

According to the math done by Diário Económico, Euronext Lisbon’s PSI 20 index lost 3,7% in the past month of August leading by far the worst-off ranking in the European Stock Exchanges. The second worst was the Spanish IBEX 35 that lost 0,01%.
August was also a record breaking months in investment fund liquidations by the Portuguese investor that decided to put their money else where.
Today after an initial big push with PSI 20 climbing almost 1%, the session fallows at this moment with gains of 0,5% (9:50 GMT). The vast majority of the quotes are still far behind the initial values of yesterday’s session, with the exception of EDP (+0,77%).

Monday, 10 September 2007

PSI 20 index - The higher the rise the bigger the fall

Why did Cimpor fall 5,82%? And what about falling 5,42%? What was the reason behind Mota-Engil fall of 5,11%? Sonae SGPS fell 4,76% because…

What is the main reason to explain the decrease of more than 3% in Rede Electrica Nacional, Soares da Costa and Altri?

Volatility is not an answer, it is just a label or a symptom. Euronext Lisbon, one of the most high profile stock exchanges in the last years, kept it by the book at least in one aspect: continues to be high profile now that is loosing harder than most European stock exchanges.

Today, Euronext Lisbon was one of the few stock exchanges that never really “believed” that this would be a recovery day for Europe. And it was right, this Monday was the second day in a row with heavy losses in most of the stocks (and the forth consecutive negative session). Volatility is the middle name of today’s market but also dispersion: there is no safe haven for these times of financial turmoil. Well… one of the big ones did escape: EDP (Energy) maintained Fridays price at the end of session (like PT Multimédia).

PSI 20 index lost 1,65%.

Friday, 7 September 2007

Another mini-crash where Euronext Lisbon wasn’t an exception

1. Bad macro-economic indicators in the States,

2. generalized feeling of a painstakingly and inevitably slow recovery,

3. Small investors coming back from holidays still trying to grasp the big picture

4. Several big players in a “wait and see” perspective

Consequence: another mini-crash.

At 15:37 GMT, PSI 20 index was loosing 2,09% with all the stocks in the read: 13 out of 20 were falling more than 2%. Altri was “leading” with a 4,70% crash.

Update: PSI closed at -2,57%.

Thursday, 6 September 2007

Euronext Lisboa: The day ECB didn't budge

ECB didn’t fiddle with the interest rate and the stock exchanges had a very nervous day, with significant losses until mid session and some recovering afterwards. But this movement wasn’t stable or generalized. Euronext’s PSI 20 closed losing -0,28%.

Almost all is said, ECB needs additional information to decide what to do with its monetary policy in the near future. So do the stock exchanges, specially the European ones.

Wednesday, 5 September 2007

The fear of a nearby recession?

What if real economy is already signalling that it has been harmed by the financial crisis?

The latest results from de European, and mainly from the North American economy seamed to provide reasonable doubt to the markets today and the result is at sight: significant fall in all major stock exchanges.

Euronext Lisbon was no exception. The session ended with a -0,52% decrease on PSI 20 index which was quite mild compared with IBEX 35 (-2,40%), CAC40 (-2,14%), Eurostoxx50 (-2,06%) or Dax Xetra (-1,73%).

Seventeen out of 20 companies from PSI 20 lost value today, with Altri, Cimpor and Semapa leading the losses, all above 2%. Only BCP (+0,87%) and BES (+0,16%) balanced the generalize tendency. In fact, BCP’s behaviour (and its weight in PSI 20 index) largely justifies the not so bad global result of the Portuguese index.

What’s next? Tomorrow is ECB meeting day…

Tuesday, 4 September 2007

PSI 20 Index - Seven shares gained more than 1% today

  • The last hour of negotiation lead Euronext Lisbon to a clear rise. It’s PSI 20 index gained 0,25%. The 2,01% fall in BCP stock price shadowed the significant gains by Altri 5,12% (great expectations in the upcoming results here), Banco Espirito Santo 3,42% and Brisa, 1,70%, to refer only the three most impressive movers. The positive openings in the US stock exchanges played, again, a very important role in the closing figures all over Europe.
  • Eurostat confirmed today that in the second quarter the European economy (Euro area) decelerated a bit putting some more pressure in the European Central Bank. Will it keep the “promise” to raise interest rates next Thursday?

Monday, 3 September 2007

Mota-Engil climbs more than 13% in two days (Euronext Lisbon)

Mota-Engil (ME) won a contract for the construction and exploration of a uranium mine in Malawi. It will represent a 168 million dollars business for the company. The first big business in Africa for ME. This is the main reason for the 7,73% increase in ME stock price in today's session. It ended at 6,13€. If you remember (see below) Friday it had already inflated more than 4%. At the time the reason for the boost was the final balance from Martifer’s IPO – a participated company of ME universe (ME owns 37,5% of the stocks). Now all seams a little bit doubtful. The gain from the IPO should have been already reflected in the price, after all the math was simple and the data already known. So… Could it be that someone “anticipated” in the market this big news of last night that fuelled today's session? Again, suspicions of inside trading are justifying some wrinkled noses in the market analysts. Will this lead to a follow up by the market police (CMVM)?

PSI 20 index gained 0,69% (one of the best results in Europe, today) with 14 of the 20 companies in the green. Besides Mota-Engil, Semapa (+3,98%) and Sonae SGPS (+2,02%) were the top three climbers of the day.

Redes Electricas Nacionais (REN) that started today to compose PSI-20 Index lost slightly (-0,26%).

Friday, 31 August 2007

BCP and Mota Engil staring at the end of the week

The news of the day in Euronext Lisbon is the change of CEO at Banco Comercial Português (BCP). Filipe Pinha replaces Teixeira Pinto and the perspective of a closure in the internal war immediately led BCP share’s price to boom. At this moment they are gaining 4,24% (3,44€). These are the short-term flares (any chance was a good change), let’s wait and see who this news will be digested during the next week by the stock-olders.

Another big mover of the day is Mota Engil, climbing 4,42% to 5,66€ (16:05 GMT). On Mota Engil we had today the news of the 68 million dollars revenue from the recent IPO on Martifer, company co-held (50%-50%) by the management and by Mota-Engil.

PSI-20 Index is gaining 1,07% at 16:07 CMT with the vast majority of the companies in the green. During the session, “stubbornly” in the read with significant losses were Brisa and At he moment the first is still the biggest looser of the session (-0,63%) and Sonae (-0,51%) and by (-0,49%).

UPDATE: Euronext Lisbon PSI 20 index closed climbing 1,21%.

Have a nice weekend!

Thursday, 30 August 2007

PSI 20 index (Acções de Lisboa): Its up! Its down! Its every where!

I wrote this at 15:00 GMT (see below). As you can see almost everything changed in one and a half hour. A roller coaster day, again! Only the final question stands: where did all the logic go?

The morning broke sunny and bright. The previous afternoon brought good omens from across the ocean (USA) and everything seemed in it place for a normal, calm, positive session in Euronext Lisbon and in the rest of Europe. Sonae SGPC and Sonae Industria were capitalizing the unexpected good results presented the day before, BCP started nicely…. But then, again, hell broke loose and Euronext’s PSI 20 Index kept falling and falling. It was the front runner of what came to be an almost generalized loosing day in European markets (now at sync with what is happening in the US openings). At least this is what we can see at 15:00 GMT.
Europe seems incapable of rising as high as the US and capable to go lower than the US. Supposedly the crises began in the USA, supposedly the European economies are stronger than US’s, so, where did all the logic go?
PSI 20 Index (Acções em Lisboa) closed the session loosing 0,15% with BCP registering the biggest slide of the day 4,06% - the management crisis and the uncertainty of the internal war outcome is taking its heavy toll!
On the rise we had 12 of the 20 PSI titles. Sonae Industria (+3,20%), Galp Energia (+2,38%) and Sonae SGPS (+1,55%) registered the best performances of the day.

Wednesday, 29 August 2007

Euronext Lisbon: The ugly duckling of today’s European sessions

Well almost all Europe managed to close gaining today. All Europe? No! A small stock exchange nearby the Atlantic Ocean resisted until the end keeping its red colours.

Things were a lot worse at the begging and at mid session but, even so, the end was a bit gloomy.

Volume was, again, fairly low. BCP made a lot of transaction, like it did yesterday, but not enough to wake the bull. In fact it had the worst performance of the day loosing 2,54%.

PSI 20 index closed at -0,11% with 9 stocks loosing money. Besides BCP, Mota-Engil (-1,62%) and (-1,24%) were the biggest losers of the day. In the bright side, above 1%, we had Sonae SGPS (+2,65%) and Portucel (+1,08%).

August is almost finished. Will next week be the one for the turning point in Euronext Lisbon? We will have ECB monthly reunion and will also have the end of holydays for most people. I guess there are a lot of Portuguese PSI-20 stocks at interesting prices. But is anyone paying attention?

Tuesday, 28 August 2007

Euronext Lisbon: one step forward, two steps backwards

Euronext’s PSI 20 index closed loosing 1,17%.

The day ended, again with a very low level of transaction, but this time with some more external influence determining the worse performance since the mini-crash – if I correctly recall. Only two stocks in the green, BPI and Soares da Costa, the rest registered losses, especially Mota-Engil (-4,14%), Altri, Impresa and Semapa, all plunging more than 3%.

By the way the ball is pointed it doesn’t look straight in the fair way!!

The news on the possible stall in the ECB rise of interest rates seamed quite insufficient to boost a little bit the European markets (even thou Euribor is actually falling today). Not even the announcement by BNP Paribas of the end of the suspension of its investment funds (on the 30th of August) did the trick.

The theoretical lower risk of the European Banks is hardly seen in the stock exchange evolution when compared with the US stock markets. All seem very similar.

Monday, 27 August 2007

Euronext Lisbon keeps recovering slowly

In a day where the European markets close with mixed evolutions, Euronext Lisbon measured by it’s PSI 20 index closed gaining 0,26%.

A final rush to BCP shares explains great part of this figure (the shares went up by 1,68%). BCP was by far the most negotiated stock of the day although it was suspended one hour before closure due to the on-going all important shares holders general assembly.

As a curiosity Cofina ended precisely at the level it had when the last post was edited. It was the second biggest upward mover and finished the day gaining 1,14%.

In the bottom positions of the day with very low volume appears Soares da Costa, (-0,81%), Cimpor (-0,73%) and Impresa (-0,71%).

At noon PSI 20 index is barely positive: 0,15% (27 August 2007)

At noon PSI 20 index is barely positive: 0,15%. It had a spike early on the session but since then it has steadily lost gas. Again, Cofina seams to want to leave PSI 20 leaving a good impression: it is climbing more 1,14% and leads the gains followed closely by Altri.

The day is again a typical summer day with low volume of transactions and without (for the time being) significant volatility. PT Multimedia leads the losses falling 0,91%.

In the news, besides the BCP’s general Assembly, I spotted and underline a curiosity on the Portuguese market: Jornal de Negócios looked with some attention to the Portuguese PSI Technology, an index that follows about 4 companies that survived the tech bubble but that are still striving to recover properly.

According to the analysis they are in counter-cycle with their parts in other countries. Some keep accumulating losses (Compta) others are trying to invest abroad. Will this be the secret to success? Let’s try to accompany once in a while these enterprises that don’t have a single representative in PSI 20. Today, at this moment, only Reditus is in the gains (+0,47%). The volume for all of them is appalling.

Sunday, 26 August 2007

BCP: What’s next for the biggest Portuguese private bank?

Last Friday ended in a “good mood” in the United States Stock Markets with gains above 1%. PSI 20 index that closed some hours before didn’t performed so well.

The final figure was a gain of 0,26%. For this result Portugal Telecom (+1,72%), Galp Energia (+1,09%) and also Cofina (with a lower weight in the index and about the leave it but with an higher variation: +1,75% ) were the main contributors. In the lows the highlight goes to Banco Comercial Português (-1,10%) and to PT Multimédia (-1,06%).

Remember that for tomorrow is scheduled the (second) all decisive (eventually!) General Assembly of BCP Stock holders. An administration war is on the way for several months with the former CEO Jardim Gonçalves leading one of the parties and with present CEO, Teixeira Pinto, leading the other. The Bank is all over the news, the stocks have experienced huge volatility and the last financial results seem to bare the weight of the enduring conflict.

What’s next for the biggest Portuguese private bank?

Friday, 24 August 2007

Euronext’s PSI 20 index is dealing in the borderline at mid session: 0,03%

At 11:04 GMT only six of the 20 companies quoted in PSI 20 index were registering (small) gains. No particular tendency is encountered in any particular sector; there are some ups and a lot of downs everywhere. The same seams to be happening abroad.

Transaction volume is very “summerly” today. Is this low level of euros in the stock exchange just explained by the seasonality? Which part is explained by possible investor that fled the market? Only time will tell.

Thursday, 23 August 2007

PSI 20 index – Brisa and PT Multimedia two opposite stories on the 23rd of August, 2007

PSI 20 Index ended up loosing steam with a rise of 0,31%, quite below the more than 1% that registered early on the day.

Probably the confusing figures that arrived from NYSE near the end of the European markets paid a role on the outcome.

Nevertheless the day ended with a big surprise that is still to be explained: PT Multimedia that hovered about a null variation during almost all day ended climbing 2,52% which was the highest rise of the day, surpassing for instance the “inevitable” Altri SGPS (2,25%). Entertainment (Impresa, + 2,20%), Construction (Mota-Engil, + 2,10%) and Cement (Semapa +2,10%) completed the “more than 2% rise” team of the day.

On the other side of summer the highlight goes to Brisa (Construction, Highways) that slipped 1,15%, in the day that come the news that it’s administration is looking for a local partner to cooperate in the newly conquered contract for The Northwest Parkway Public Highway Authority (USA).

ECB signals that it will rise interest rates in September as anticipated

Does ECB think that we are facing a financial problem that will not spill over to real economy thus existing no need to stop doing business as usual, namely defining the monetary policy solely according to the inflationary tension that “are” in the horizon?

Does ECB just want to signal that the worst is a bygone having no need to change what was already scheduled before the mini-crash and pushing the investors again towards the market?

Or is ECB just testing the market by underlining that it will probably maintain the pre-announced rise in it’s reference interest rate?

One thing seems sure: the market response was serene all over the world until this moment. PSI 20 is climbing 0,85% with Altri, SGPS (again!) in the limelight (+3,69%), accompanied closely by SEMAPA-S.Inv. Gestao, SGPS (2,19%) and by Mota-Engil, SGPS (+2,10%) – 11:50 GMT.

Wednesday, 22 August 2007

At last a "normal" session in Lisbon and abroad: thumbs up!

Well, today we had a “normal” session with no sudden picks and troughs. The session ended with a strong rise of 1,31% in the PSI 20.
Altri – one of the most speculative titles of the year – was for the second session in a row the big upward mover: +4,53% to 6,22€. Here is a resume of the data for the company that ended above de +2% threshold:

% Price (€)
Altri, SGPS, SA 4,53 6,22
SEMAPA-S.Inv.Gestao,SGPS 3,67 11,85
Jeronimo Martins-SGPS 2,92 4,22
Cimpor-C.Port.SGPS-Nom. 2,57 6,78
Cofina-SGPS 2,39 1,71
Impresa, SGPS - Nom. 2,25 2,72
Sonae SGPS 2,18 1,87
S.C.Soares Costa 2,10 2,42
Sonae Industria SGPS,SA 2,00 9,18


The almost obsolete job of the on-line market analyst

In the last weeks to state the mood of the stock exchange in any given moment is the same as giving an accurate picture of a roller-coaster. The aphorism: Historic gains are no guarantee of future profits are now truth at a minute-by-minute level.
Will this be another day where the begining of the market session is completely different from the behaviour at mid session and again totally away from the end session figures?
Let’s wait and see. For the time being the Portuguese Stock Exchange (Euronext Lisbon) is clearly in the green with a daily variation of +1,2% (11:00 GMT).
With the exception of PT Multimedia (virtually stable), all PSI-20 stocks are gaining with Mota-Engil, Sonae Industria and Cimpor climbing more than 2%.

Tuesday, 21 August 2007

PSI 20: going down 0,24% (21 August 2007)

Today PSI 20 went on another roller-coaster ride. In ended losing 0,24% after experiencing both: red and green during the session.
A perfect example was that went from gains of more than 3% ending at 4,08€ loosing 0,48%.
Altri on the other side kept rising during all the session(+1,88% at 5,95€) and it was in fact the highest rise of today.
The worst performer today was Banco Espírito Santo that ended at 29,08€ representing - 2,02% than yesterday.
At this moment (18:38 GMT) and after hovering the zero line, the US indexes are clearly in the green.

PSI 20: Looking down again at mid morning (21 August 2007)

European stock exchanges are not replicating the upward movement of USA and Asia’s last sessions. Particularly the PSI 20 (sailing at half speed with a low volume of investment) is losing -0,26€ (10:45 GMT).
Almost all stocks are stable or in the red. The exceptions are gaining 1,95% (4,18€) and Altri gaining 1,03% (5,90€).

Monday, 20 August 2007

Closure: PSI 20 climbed 1,42% (20 August 2007)

All stocks ended on the green except Brisa (-0,52%). Here is a summary of the biggest movers of the day limited to the ones that climbed more than 3%:

% Price (€)
Portucel 2,81 5,63
Altri 5,84 5,41
Galp 10,17 5,38
Soares da Costa 2,40 4,34

Again, a special note to REN that gained 7.22% (6.72€). As stated before, this implies that it has recovered entirely from the recent devaluation, a goal that most of the titles are still far from achieving.

REN will enter PSI 20 on the 3rd of September.

The end of Berardo's "OPA" for Benfica

It's official. Less than 1% of Benfica's free float accepted the offer by Joe Berardo to takeover of at least 30% of the stocks for 3,5€ each.
No surprise here since the market price for Benfica's stock has been quite below the takeover target for several weeks.
As a "compensation" Joe Berardo states that he will consider to reinforce his participation in Benfica's capital, probably by buying stoke in the "live" market.

Today it's been a(nother) Benfica's day in the news. Fernando Santos the soccer team main coach was kicked off and rumour (well, almost certainty) says that Jose Antonio Camacho is returning. In the next days Benfica will play the very important second hand of the play-off to enter Champions League. It has a small lead of 2:1 and it will play abroad facing FC Copenhagen. A few millions of euros of prize money are at stake. Not the most orthodox timing to change coach, right?
Benfica's stock are nevertheless climbing 0.93% to 3,25€ (16:38 GMT).

PSI 20 Composition

The best place to find updated information on PSI-20 composition and it's rules is naturally the Euronext site. However it is common to find in the internet other not so accurate pages that rank considerably higher in the search engines and that can mislead the user.
Wikipedia, for instance, hardly is the best place to find updated information on the Portuguese stock exchange, specially now with the increased volatility that the new rules for the PSI 20 composition introduced.
The side bar will, in the near future, include a section with some utilities for the users with the best links to find relevant information.

PSI 20 Monday, August 20, 10h45m update

For the second day in a row the index is recovering strongly from last week’s downfall. At 10h45 is was gaining 1,54%.

All the stocks were on the green, being the biggest movers with increases above 2%:

% Price

Soares da Costa 6.52% 2.45 €

Altri 5.41% 5.84 €

Portucel 4.51% 2.78 € 4.01% 4.15 €

Galp 2.90% 9.93 €

Sonae SGPS 2.74% 1.87 €

BCP 2.62% 3.52 €

A special note to REN that is gaining 6.64% (6.69€). This implies that it has recovered entirely from the recent devaluation, a goal that most of the titles are still far from achieving.

Update (12h14m): According to Jornal de Negócios today's boost in REN's price is partly explained by the confirmation that the company will enter PSI20. This could potentially increasing its international exposition.

Sunday, 19 August 2007

3rd of September: REN in, Cofina out of PSI-20

Last Friday, Euronext Lisbon informed the market that REN will replace Cofina in PSI-20 index. This is a direct consequence of the new revision rules for PSI-20 constitution and derives of the high free float and the high valorisation of REN stocks.

REN is responsible to manage the energy infrastructure of the country, it is still majority held by the state and will, between the end of this year and the beginning of the next, pass trough a second IPO. The first operation concluded in the 9th of July was a success both in terms of revenue for the seller (it was sold out at the high end of the defined price interval) and also for the buyers that, even after the mini-crash of the last days, have a very interesting accumulated return.

Moreover, Euronext Lisbon released the names of top 3 companies in the waiting list to enter PSI-20: Teixeira Duarte, Banif and Martifer.

Saturday, 18 August 2007

Is the mini-crash over?

Last week made it official: we have experienced a mini-crash in global terms in all stock exchange markets. The word “injection” appeared in the news characterizing the intervention in the markets by the main international central banks and when this occurs bad things have happened, are happening and will probably continue to happen for a while. Nevertheless there is no certainty on the future.

Next week is the one to determine next months trends some repeat. Why? Because now is sure that bad things have happened and that bad things are happening. So, will they keep on coming?

Besides the capital injections the U.S. Federal Reserve did some fine tunning in the lending tax rates to the banks. The news of this measure is said to justify the last Fridays clear recovery. The question now is to know if the reaction next week is to maintain that the risk prize (in the sub-prime) is paid or, contrarily, it will be to realize that oops! If the feed is meddling with the tax rate then things (that still are unclear in dimension) must be worst than we thought of.

All this can be found in the text books, all this is fine field for the hardened gamblers. Some stocks may be very, very cheap at Fridays prices… or, in other hand, they may not be.

Care for a crystal ball on animal spirits?

The Euronext Lisbon, the enterprises and some posts in English

Hi! This will probably be a bilingual weblog on the news of the Portuguese stock exchange. I will try to bluid a small database of the portuguese enterprises comprised in the PSI-20 index and also in the PSI general index. I will do so by highlighting and commenting information on Portuguese economy and finance.

With the possible regularity I will follow some of the PSI 20 star companies and also some wannabes.

I’m an economist and enjoy looking up for almost everything that can be put in figures.

In the days that I’ll have spare time I’ll release small highlights of the moment using live information from the stock exchange. I will most certainly comment on the news and on the omissions of the Portuguese specialized press on Economy and Finance.

Other excuse to keep this blog is to force myself to write in English. So, in advance, sorry for the mistakes. But this will also be a billingual weblog: English and Portuguese.

I’m not an expert and I don’t intend to advise anyone. The objective is to use this blog to be up to date with the Portuguese stock exchange. If you find it interesting please don’t hesitate to look around and comment.

Let’s roll!