The PSI-20 opened Tuesday, October 29, trading on negative ground by slipping 0.35% to 5,088.82 points after four consecutive bullish sessions. The national stock exchange follows the losses that are also registered in the other European squares. This fall contrasts with the optimism that has been experienced in recent sessions. The Stoxx 600, the European top 600 listed index, is down 0.13% to 398.46 points after six consecutive bullish sessions. Yesterday the S&P 500 hit record highs while a sell -off "on sovereign obligations. Contributing to this investor optimism about equities is the progress made in trade talks between the US and China as the two countries are expected to sign a trade deal next month.
Markets are now awaiting the Federal Reserve's decision to be announced Wednesday, October 30. Virtually every analyst expects the Fed to lower interest rates for the third consecutive year this year.
In Lisbon, there are 2 bullish, 14 low and 2 unchanged. Today's highlight goes to Navigator, which shows results after the close of the session. CaixaBank BPI analysts anticipate an earnings cut of 18% in the third quarter. At the start of the session, the company was up 0.06% to 3.3 euros, but it is already trading downwards.
Having risen 8% since the announcement that it will increase the dividend by 10% per year, Galp Energia is falling 0.41% to 14.53 euros. Still at lower prices, Ramada depreciates 2.52% to 6.18 euros.
Catching the biggest losses in the main Lisbon index is the BCP whose shares rise 0.2% to 20.28 cents. Yesterday the bank had recorded losses. On that day, Bank Millennium, the Polish bank controlled by BCP, revealed that third quarter earnings were higher than expected.
Outside the PSI-20, one of the companies that is reacting to the results it released yesterday is Impresa. Equities are falling 2.68% to 25.4 cents. Yesterday the company revealed that profits until September doubled to 2.9 million euros. Yesterday the shares had risen 5.67% to 26.1 cents.
(News updated with more information at 8:20 am)
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