Red Sea marks start in Lisbon. Galp drops 3% – Stock Exchange

The Lisbon stock exchange started the week trading in negative territory, with the PSI index following the declines in Europe, at a time when the worsening pandemic situation in China is plunging equity markets into the red.

The PSI-20 drops 1% to 5,941.30 points, with 14 shares falling and one (REN) unchanged. Among the Old Continent stock exchanges, the declines are even more expressive, with exchanges such as Paris and Amsterdam showing losses of 2%.

Putting pressure on sentiment is the worsening of the pandemic in China, a situation that the country remains unable to control and that is sustaining new fears of a slowdown in the global economy.

Here, Galp is the most pressing title. The oil company is down 3% to 10.99 euros, dragged by the fall recorded by oil in international markets. London-traded Brent is down nearly 4% to $102.63 a barrel.

Also in decline follows the BCP. The bank led by Miguel Maya depreciates 1.63% to 0.1632 euros, on a morning when the European banking index loses close to 2%.

Among retailers, Jerónimo Martins dropped 0.3% to 20.14 euros, while Sonae fell 1.37% to 1,007 euros.

Despite a negative start, the shares of the EDP Group meanwhile reversed the opening trend and are now continuing to appreciate. EDP ​​Renováveis ​​gains 2.04% to 23.03 euros, while the electric company adds 0.32% to 4.63 euros.

(News updated at 08:17 with more information)