Euronext Lisbon - insights from Portugal (Acções Portugal)

Euronext Lisbon: plunging in bear mode?

noreply@blogger.com (RC) — Wed, 16 Jan 2008 10:38:00 +0000

Since the last post, dated from the 7th of January, very little has changed. In fact things got a bit worse with last day's news on Citybank, US (pilling) stocks and Germany's 15 year low in confidence indicator on investment.
Euronext Lisbon is accumulating the biggest losses in currently live markets (-2,82% at 10:40 GMT). I think only Nikkei did worse. But let's wait for the end of the session.
The truth is that most probably the international investment funds are fleeing from Lisbon, not due to a particularly bad economy but due to it's peripheral and small weight. The harvest times are over for a while, but one thing is sure, some of the stocks in Euronext Lisbon are reaching appalling prices, quite under evaluated according to its economic performance.

Down, down, down, high society

noreply@blogger.com (RC) — Mon, 07 Jan 2008 15:28:00 +0000

Elis Regina a late Brazilian singer (between jazzy and bossa nova) immortalized a song with a refrain like to title of this post. And down, down, down is the word for the beginning of 2008 in the world of stock exchanges and, in particular, for some of Euronext Lisbon quotes. Beating historical minimums seams to be the most popular motto amongst the Portuguese Stock exchange. Examples? Sonae Industria, Impresa, Sonae.com, Martifer and Sonae SGPS. The last three for instance are falling at the moment more than 6% today!
Too much? Some say that this is usual in Lisbon due to a higher than average risk aversion of most of the investor playing in Euronext. It ought to be something like this because if you look to the intrinsic value of some of the down goers it does not make any sense. Maybe the time for cheap buys is coming here sooner than later. But beware, things are very, very rocky!

New projects for Euronext Lisbon Blog

noreply@blogger.com (RC) — Mon, 10 Dec 2007 19:52:00 +0000

Hello. I'm still here. The blog has been quiet for two weeks now but you could say it has been a time to think about the future.
Euronext Lisbon will come back in a different approach to the market in the beginning of 2008. The daily post on the market will not be mandatory and the stress will be in translating some of the most relevant news on the market and trying to answer questions from the readers.
At the same time I'll try to monetize the weblog. In this moment I'm searching for possibilities. One of the already chosen is Payperpost, a service that I'm sure the reader most on to the blog scene already knows. It was on a blog that I met Payperpost and by the reactions of the experimented users it must be an honest deal.
This is in fact my first payperpost experience. And for now this is the "official" blog advertising sponsor of Euronext Lisbon. In short, a blogger gets paid to review and talk about something or someone that wants to present itself to the community.
The demands from the company that buys the post very but on thing is unavoidable: every paid post must be disclosed, this is the policy of PayPerPost and it is also the only way I will ever receive money from a post. See you soon!

Hostil Take Over targeting Brisa

noreply@blogger.com (RC) — Thu, 22 Nov 2007 19:07:00 +0000

After yesterday closing came to public that the Spanish Abertis had bought, in and out of the market, during the last weeks, about 8% of Brisa's capital accumulating a total of circa 18%. Brisa has about 39% of it's capital circulating in the market as free-float. Brisa closed today's session gaining 4,66% with PSI 20 climbing 1,16%.

In the beginning of the afternoon Brisa publicly denounced the cooperation agreement it had signed with Abertis in 2002. This agreement lead to a swap of stocks but since then Brisa sold almost every stock of Abertis; it seams that Abertis has done the opposite.
According to the press Brisa has a hard core of united stock holders leaded by the family Mello. All together this group aggregates 45% of the capital.
Both Brisa and Abertis are companies specialized in the constructing and exploring highways but also have other secondary activities. Brisa has begun some weeks ago its first major business in the USA.

And down they go!

noreply@blogger.com (RC) — Wed, 21 Nov 2007 17:31:00 +0000

EDP rose 0,88% disguising along with PTM (+4.23%), Jerónimo Martins (+4.20%) the mine crash that affected 16 companies. 14 out of 16 fell more than one percent. 8 out of 14 fell more than 2%. 4 out of 8 fell more than 3% and Impresa managed to slide 7,69%. Overall all sectors were targeted by the depressive mood and some companies come very close to the year minimums.

Out of PSI 20, Martifer, for instance, closed at 8,3€ the lowest value since it was admitted to Euronext Lisbon in mid 2007.

Today EDP sneezed

noreply@blogger.com (RC) — Tue, 20 Nov 2007 17:47:00 +0000

When EDP sneezes Euronext Lisbon almost gets a cold. I guess today Euronext Lisbon was the only stock exchange that closed below yesterdays figures. During the days things were even uglier than the final scenery but even so PSI 20 lost 0,12% when most of the indexes gained more than 1%.
EDP lost 1,73% and the recovery by BCP, 1,64%, and by BPI, 2,41% was not enough to counterbalance the bad mood.
In the top of the worst we had Sonae Industria, 3,79%, Semapa, -3,31%, Jerónimo Martins, -2,24%, Brisa, -1,98% and ESF (BES), -1,88%.
Better days will come.

Mini stampede to begin the week

noreply@blogger.com (RC) — Mon, 19 Nov 2007 21:31:00 +0000

The situation worsened during the day and ended with a nasty outlook all over the world. Some relevant opinions presenting a gloomy future certainly helped to set the global mood.

Euronext Lisbon was not an exception. PSI 20 index lost 1,41%. In the green, and barely, only two titles: Impresa, 0,44% and Jerónimo Martins, 0,18%.

Well but I must not delay any further the bad, bed news. With the worst behaviour of the day we had:

Sonae SGPS, 4,83%

Soares da Costa, 4,05%

Sonae Industria, 3,53%

Altri, 3,49%

Portucel, 3,33%

The heavy weights didn’t behaved much better. PT for instance lost 2,37% and EDP 2,11%.

According to Diário Económico today the European Stock Exchanges registered the biggest fall in three months. The pre-announced recession in the USA and the perspective of less “gas” in the Chinese economy are the reasons to blame… for now.

Promoting the crisis?

noreply@blogger.com (RC) — Mon, 19 Nov 2007 21:28:00 +0000

I’m completely amazed! I subscribed a service of potential sponsored reviews to help sustaining Euronext Lisbon and I received the oddest first offer. The suggestion comes from a site called Bad Credit Offers. I’m a little naïf I must confess but in a time where the sub prime crisis is far from over I can’t avoid some stupefaction when there is a business opportunity specialized in serving credit to people with knowledgeable bad credit history.
The site is attractive and I must say compelling. The offer is diversified, from auto loans to ahm, ahm, home loans. Sub prime crisis? No!

Is there a trend in Euronext Lisbon?

noreply@blogger.com (RC) — Thu, 15 Nov 2007 22:11:00 +0000

Is there a trend in Euronext Lisbon? I honestly can't see it.
Today PSI 20 fell 0,87%.
EDP climbed 1,7% but six other companies fell more than 2% each:
PT, GALP, Mota-Engil, ESF (BES), CIMPOR and JM.

PSI 20 in tune with the world

noreply@blogger.com (RC) — Wed, 14 Nov 2007 17:44:00 +0000

PSI 20 index climbed 0.33% in a movement in tune with the majority of the European stock exchanges. A rare scenary in the last days.
Galp (+2.72%) resumed the up mountain path that begun with the last week's good news from Brazil.
The highlights in the green:
Brisa, + 1,9%
Soares da costa, +1,77%
Portucel, + 1,65%

The highlights in the read:
PT Multimédia, -1,29%
Impresa, -1,28%
PT, -1,15%.

Going down: PSI 20, -0,57%

noreply@blogger.com (RC) — Tue, 13 Nov 2007 19:32:00 +0000

Four companies went up by more than 1%...
PT, 2,37%
Impresa, 2,19%
Cimpor 1,45%
Brisa 1,11%

... and four went down by more than 1%:
EDP, 4,27%
REN, 2,73%
BPI, 1,61%
GALP, 1,20%

A mild decline - PSI 20: -0,40%

noreply@blogger.com (RC) — Tue, 13 Nov 2007 00:08:00 +0000

Correcting a little from last weeks valorization, GALP ended the day losing 8,18%. The news of a small fire in the refinery near Oporto didn't help either.
Another big mover was PT Multimedia that lost 3,91%. The title as not quite stabilized since the spin off.
PSI 20 finished in the read but only by 0,40%.
The justification for this comes from EDP, presently the biggest in PSI 20, which gained 1,44%. PT also climbed (+0,76%). Cimpor (+1,98%) and Redes Electricas Nacionais (+1,95%) had the biggest gains in today's session.

Galp up by 24,69%

noreply@blogger.com (RC) — Fri, 09 Nov 2007 17:00:00 +0000

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%.

Extra: Oil Fields Forever

noreply@blogger.com (RC) — Fri, 09 Nov 2007 10:56:00 +0000

When one finds one of the biggest fields of the best oil nature can provide one ends up rich, very rich: GALP Energia owner of 10% of the Brazilian fields yesterday discovered is climbing steeply again: more than 21% ate 11h00, GMT.
PSI 20 index is up by 2,42%.
The Tupi oil field will double Brazil oil production capability. With this new field it will have an oil surplus becoming an international exporter. Brazil’s reserves will most probably surpass Nigeria’s.
More here: "Galp says Tupi Sul field's estimated recoverable reserves 5-8 bln barrels".

Galp Energia up 13,72%

noreply@blogger.com (RC) — Thu, 08 Nov 2007 16:50:00 +0000

In a day where PSI 20 ended up broken in two with huge rises but also significant losses I think it is justifiable to publish the entire list of quotes.
Galp benefited from the news of the finding of a very important oil reserve in Brazil, a field where Galp is co-owner. PT Multimedia and Sonae.com are starting (?) to experience the volatility expected for the next months: will they merge?
And EDP is rising probably due to the performance and expectations of its renewable energy investments: EDP is the fourth biggest in the world in this line of business.
On the downturn business as usual bad results equals lower stock exchange value (Impresa), what goes up must come down (Altri), uncertainty can lead to less value (BCP).

Oh my bank!

noreply@blogger.com (RC) — Wed, 07 Nov 2007 17:48:00 +0000

Bando Espírito Santo -3,61%
Banco Comercial Português -2,76%
Banco Português de Investimento -2,07%
What a nice day not to have stocks from financial institutions
Worse only Impresa (-4,01%) whose ill results in the new TV season are damaging seriously its business.
To end in a good note take a look and envy EDP- Energia de Portugal: +2,85%
Followed by Altri +2,03% (in a good anticipation of the good results presented after the closing bell) and by PTM (+1,63%) in the day when the Spin off from PT (-1,05%) was made.
Oh! And PSI 20 closed losing 0,40%.

Euronext Lisbon: the best of the day

noreply@blogger.com (RC) — Tue, 06 Nov 2007 21:10:00 +0000

+1,38%, this was the final figure of the day for PSI 20 index. The best result in the European stock exchanges today.
The stars of the day were PT (+3,26%), EDP (+2,47%) and Altri (+2,07%).
Only PT Multimedia had a significant decrease: 1,07%.

A bad beginning of the week

noreply@blogger.com (RC) — Mon, 05 Nov 2007 17:36:00 +0000

Psi 20 fell 0,59% with BPI (-3,06%) leading by far the movement. PT was the most significant among the three that managed to gain value today, by climbing 0,76%.
No news today, everything as expected. Tomorrow will have a more uncertain beginning in since things in the US are lightening up a bit with the news of good economic indicators.

Galp Energia mitigated the bad day

noreply@blogger.com (RC) — Fri, 02 Nov 2007 18:16:00 +0000

PSI 20 index lost again 0,73%. As excepted after the bad mood the was reignited yesterday with Citibank’s not so brilliant results and perspectives, still due to the sub-prime crisis, the markets in Europe and mainly the financial institution went on a negative stream. It is true that towards the end of the session with the not so gloomy US stock markets beginning of session things lightened up a bit but even so the top loosing companies were Banco Espírito Santo (ESF), -1,59% and BCP, -1,52%.
Again one of the big rollers followed the other side of the road, more precisely the good behaviour of Galp Energia (+1,28%), on account of the ever rising oil prices, managed to compensated partly the generalized bad day among most of the 20 companies on Euronext Lisbon top index.

A not so bright future in the next days, I guess

noreply@blogger.com (RC) — Thu, 01 Nov 2007 21:34:00 +0000

Yesterday the excuse was local, today the all world had the same reason: the sub-prime crisis e far from over, at least in the next months the worry about lowering stock dividends is pending.
BCP lost 2,09% and BPI lost 1,65%. The biggest fall came from Mota-Engil, -3,15%.
EDP (+1,35%) played an important role in the overall not so bad figure of PIS 20 index: -0,73%. It is relevant to take in account that CAC 40 fell 2,00% and DAX Xetra 1,73% just to give two examples.
Gloomy days in the near future for global stock exchanges, again.

BCP and BPI in a losing mood

noreply@blogger.com (RC) — Wed, 31 Oct 2007 20:08:00 +0000

Banco Comercial Português (-3,36%) and BPI (-2,62%) were to stocks that lost the most today in PSI 20 index. The fusion is still quite uncertain as well as its terms.
PSI 20 gained 0,14% mainly due to the strong behaviour of the other blue ships like EDP (+1,13%) and PT (+1,09%).
Impresa had the best performance climbing 2,80%.

Barely positive index

noreply@blogger.com (RC) — Tue, 30 Oct 2007 23:50:00 +0000

PSI 20 spent all day losing gas but managed to end the session barely positive:+0,03%.
As expected Sonae.com quotes rose in response to the unexpected good financial results. It closed the day gaining 1,83%. Only Altri (+2,33%) and PT-after-PT Multimedia Spin off (+3,97%) behaved better today.
In the down side we had precisely PT Multimedia (-6,00%) and Impresa (-2,34%) for which the market is anticipating not so great results for the year.
Looking to BCP (0,0%) and BPI (-1,10%) closing quotes all seems calm but it should be noted that many stocks changed hands today. The negotiation is going on (outside the TV sets for now).

MIllenium BPI is already a TV show

noreply@blogger.com (RC) — Tue, 30 Oct 2007 01:24:00 +0000

Dear reader,
Is it normal in you country, while a bank is courting another (very politely) to see the CEO of the eligible groom go to a TV talk show and talk with some of the stock holders of the bride? I’m speaking of a national broadcast channel.
For me is quite bizarre! But Banco Comercial Portugues has been one of the most bizarre quotes in the world in the last months so maybe this is the beginning of a public relations service… by the groom.
Tomorrow BCP administration will present a counter proposal for the pretended fusion.
In the meanwhile BPI stokes leaded to losses today within PSI 20: - 2,76%. BCP had a slight gain: (+0.29).
PSI 20 index rose 0,69% in line with the European counterparts indexes. The most impressive climb of the day was performed by Cimpor (+3.75%), closely followed by Mota-Engil (+3.21) and by Brisa (+2.74%).
After the closing bell some companies presented quarterly results. The highlight goes to Sonae.com the reported unexpected profits. Tomorrow (today actually) at least in some part of the session it is expected to see Sonae.com quotes rising.

BCP up 7,21%

noreply@blogger.com (RC) — Fri, 26 Oct 2007 22:21:00 +0000

In a positive day in the stock exchanges world wide, Euronext Lisbon main index, PSI 20, climbed a bit more due to the business of the year that is (again) in perspective: the fusion between BPI and BCP. Both together represent the third biggest bank in terms os stock market capitalization in the Iberian Peninsula.
BPI stocks had a modest behaviour today, and ended in a slight fall of 0,15%. BCP's quote, on the other side rocketed more than 7% boosting the index.
Another bank that has been brought to the ring is BES, a bank that is threatened by this fusion, becoming immediately too little to keep on playing in the big league, I guess.
Several explanations have been discusses today for the BPI invitation and it's timing. It seams quite reliable the information that signals that several non-portuguese banks were on the verge to try to buy BCP. BPI played ahead and will try to keep the lead. More news, more buzz, more readers, more business, that's the immediate consequence of this proposed deal.
A final not to Semapa’s trading day: it was the biggest loser of the session: 2,44%.

BPI asked Millenium BCP hand in marriage

noreply@blogger.com (RC) — Thu, 25 Oct 2007 21:45:00 +0000

PSI 20 ended rising 0,70% a little below the European average for the main stock indexes. Sonae.com made the top for the third day in a row climbing 3,49% - it is still far, far away from the level prior to sub-prime crisis. BCP followed by rising 2,24% and Brisa came in third valorising 2,15%. In the down side and justifying a not so neat global behaviour we had Mota-Engil falling 2,10% and, particularly, PT slipping 0,67%.

Well and that’s that for the day… but is it really?
NO! The rumour came to be true: BPI asked politely the hand of BCP (Millenium BCP). The marriage is still far away and the answer is not certain but we will have quite to talk about in the next weeks and months. For starters both banks have stocks from each other that must be sold if the deal is to be completed.
The Millenium BPI would have 30% share in the Portuguese market and would be one of the biggest banks in the Iberian Peninsula.
After the hostile attempt by Millenium BCP to take over BPI and after the top management rearrangement within BCP (where BPI had a role) this was a somewhat predictable outcome.