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%.

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