(Updates with full report)
LISBON (Thomson Financial) - Shares closed lower, although near intra-day
highs, as blue chip banking stock BCP and smaller peer BES weighed, while oil
and gas group Galp outperformed.
The PSI 20 index closed down 88.58 points at 11,012.60, after trading in a
range of 10,970 to 11,028, on turnover of 103 million euros.
Stocks opened lower, with BPI and EDP trading ex-dividend, paring losses in
early deals only to drift lower again on low volumes with dealers citing lack of
interest and profit taking in some stocks.
Shares traded in a narrow range in negative territory throughout the
afternoon but managed to close near highs.
Traders said that volume was capped by the closure of London markets due to
a public holiday.
Banks weighed heavily throughout the session, with heavyweight BCP down
0.055 euros or 3.04 percent at 1.755 and BES shedding 0.23 or 1.83 to 12.37.
Banco BPI was 0.01 lower than its ex-dividend closing price of 3.55 euros on
Friday.
Energy stocks were more supportive, with Galp up 0.19 at 15.88, providing
support, ahead of its AGM tomorrow.
Blue chip EDP was up 0.05 from its ex-dividend closing price Friday of 4.00
euros. Dealers cited improved sentiment toward the group's planned IPO of its
renewables unit.
EDP is expected to start its pre-marketing for the possible IPO on Tuesday
to coincide with the publication of EDP Renovaveis' first-quarter results and
could reach a decision on whether to launch the operations early next week.
Conglomerate Sonae was up 0.01 at 1.165. Sonae's core retail division Sonae
Distribuicao is due to present first-quarter results on Wednesday after the
market close.
Sonae wood-panel unit Sonae Industria, also due to release Q1 results on
Wednesday, was up 0.01 at 4.55.
Telecoms were mixed, with Sonaecom up 0.025 at 2.345, recovering from a 2.25
intra-day low after its first-quarter results missed forecasts at the net and
EBITDA levels.
Heavyweight Portugal Telecom rose 0.02 to 7.845, while smaller peer Zon was
up 0.03 at 8.82, extending Friday's sharp gains, ahead of its first-quarter
results on Wednesday.
luis.morais@thomsonreuters.com
lm/lam
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