Lisbon, Oct. 16, 2024 (Lusa) - The Lisbon stock market on Wednesday morning was maintaining its opening trend, with the benchmark PSI index up 0.18% as shares in Galp Energia rose 1.01% to €16.95.
At around 9.30 a.m. in Lisbon, the PSI stood 6,709.33 points, with seven of its constituent shares up, six down and three remaining unchanged (Altri at €5.18, NOS at €3.66 and REN at €2.40).
On Monday, Galp had announced that its refining margin in the third quarter was down 39% cent from the previous quarter, and 68% from the same period last year, to $4.70 (around €4.30) per barrel, in a statement on its operating performance in the quarter sent to Portugal's Securities Markets Commission (CMVM).
In the third quarter of last year, Galp's refining margin had risen 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 crude oil and the selling price of refined products such as petrol and diesel.
Galp's shares gains were followed by those of BCP and Mota-Engil, which both rose 0.73% to €0.43 and €2.49.
Jerónimo Martins shares rose 0.29% to €17.39, while Greenvolt and CTT both rose 0.12% to €8.33 and €4.32, respectively. The other PSI constituent to rise was Corticeira Amorim, up 0.11% to €8.83.
By contrast, shares in EDP Renováveis, Semapa and Sonae fell 0.43% to €13.96, 0.40% to €14.76 and 0.32% to €0.94 respectively. Ibersol, Navigator and EDP shares fell 0.28% to €7.20, 0.27% to €3.74 and 0.23% to €3.87.
The main European stock markets were mixed on Wednesday in what was seen as a transitional session, pending Thursday's release of euro-zone inflation figures for September, as well as the European Central Bank's monetary policy meeting.
Analysts expect the ECB to decide on a further cut in benchmark lending rates of 25 basis point rate cut. On Wednesday, the ECB president, Chirstine Lagarde, is to speak in Slovenia.
On the macroeconomic front, Italy's latest inflation figures are due out on Wednesday, while in the US the weekly crude oil reserves will be published.
The stock market on Wall Street closed on Tuesday with all its indices losing ground, in a session that was marked by corporate results.
Shares in semiconductor manufacturer ASML fell 16% on the stock exchange after posting much lower than expected results and lowering its forecasts.
A barrel of Brent oil for December delivery opened higher on Wednesday, at $74.81 on London's Intercontinental Exchange Futures (ICE), compared to $74.25 on Tuesday.
On the foreign exchange market, the euro opened weaker on the Frankfurt exchange, at $1.0879, compared to $1.0889 on Tuesday.
MC/ARO // ARO.
Lusa
