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%).

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