Lisbon, Oct. 14, 2024 (Lusa) - The Lisbon stock market on Monday reversed its opening trend and was trading lower, with Jerónimo Martins shares leading the losers, down 1.72% to €17.13.
At around 9 a.m. in Lisbon, the PSI was down 0.05% to 6,752.42 points, with nine shares falling, five rising and two remaining unchanged (Altri at €5.15 and Ibersol at €7.26).
Jerónimo Martins shares were followed by EDP Renováveis, CTT and Navigator, which fell 1.05% to €14.17, 0.69% to €4.29 and 0.58% to €3.79.
Mota-Engil and EDP shares fell 0.39% to €2.54 and 0.36% to €3.85, while Sonae and REN both fell 0.21%, to €0.94 and €2.39. Greenvolt shares also fell 0.12% to €8.30.
By contrast, shares in BCP and Galp rose by 1.22% to €0.44 and 0.85% to €17.25.
Before the market opened, Galp announced on Monday that its refining margin fell 68% in the third quarter compared to the same period last year and fell 39% compared to the previous quarter, to $4.70 per barrel, according to a statement sent to the Portuguese Securities Market Commission (CMVM).
According to its operating performance for the third quarter, Galp recorded a refining margin of $4.70 (around €4.30) per barrel of oil in that period, down 39% on the previous quarter and 68% on a year earlier.
In the third quarter of last year, Galp's refining margin had swelled 90% year-on-year and stood at $14.60 per barrel, while in the second quarter of this year Galp's refining margin was $7.70 per barrel.
The refining margin reflects the difference between the cost of buying oil and the selling price of refined products (such as petrol and diesel).
The other three shares that rose in price were Semapa, NOS and Corticeira Amorim, which rose 0.53% to €15.06, 0.28% to €3.60 and 0.23% to €8.80.
The main European stock markets were mixed on Monday, on a day when there will be no relevant macroeconomic references and the market is already waiting for the European Central Bank (ECB) meeting on Thursday.
Investors are already focusing on Thursday's ECB meeting, from which experts expect a further interest rate cut of 25 basis points.
The market will also be paying attention to the situation in the Middle East, corporate earnings and macroeconomic data to be released at the end of the week.
On Monday, the US celebrates Columbus Day and although the stock markets are open, the bond market will remain closed.
On Friday, the New York Stock Exchange closed higher.
The Dow Jones ended up 0.97% to 42,863.86 points, a new high since it was created in 1896, on Thursday, and the Nasdaq advanced 0.33% to 18,342.94 points, against the high of 18,647.45 points seen on 10 July.
In Asia, following the new measures announced in China to revive the economy, the Shanghai Stock Exchange is up 1.6%, while Hong Kong's Hang Seng is trading lower.
Tokyo's Nikkei was not traded due to a public holiday.
On the commodities market, the Organisation of the Petroleum Exporting Countries (OPEC) is publishing its monthly report on the state of the oil market on Monday.
A barrel of Brent crude oil for December delivery opened lower on Monday, at $77.85 on London's Intercontinental Exchange Futures (ICE), compared to $79.04 on Friday.
Yields on Germany's 10-year government bond, considered the benchmark for Europe, fell to 2.257%, compared to 2.265% in the previous session.
On the foreign exchange market, the euro opened weaker at $1.0930 on the Frankfurt exchange market, compared to $1.0937 on Friday.
MC/ARO // ARO.
Lusa
