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.

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