Oil prices are pressuring the shares of Galp, a Portuguese oil company, which is the main reason for the decline of the Lisbon stock exchange, down 0.55% to 6,756.06 points. Galp is plummeting 4.41% to 16.36 euros, affected by a drop of over 2% in oil prices and by Petrobras’s interest in the 40% it owns in Namibia.

CTT is also down, falling 1.23% to 4.42 euros, followed by Ibersol, which decreases 0.55% to 7.20 euros after reporting a loss of 900,000 euros. NOS and Jerónimo Martins are also experiencing losses. In contrast, Mota-Engil is up 0.88% to 2.53 euros after announcing a sustainability-linked bond issuance, achieving its best position in the ranking of the 100 largest construction companies in the world.

In the Portuguese stock market, Semapa, EDP Renováveis, BCP, and Altri also show slight increases. Meanwhile, Europe opened higher, except for Lisbon, with Germany gaining 1% and the Euro Stoxx 50 rising 1.52%.

Oil prices continue to affect commodities, with Brent falling 2.22% to $71.28 and crude dropping 2.37% to $68.04, while other commodities like natural gas and coffee are on the rise.

Source: jornaleconomico.sapo.pt