The PSI-20 index closed this first session of the week down 2.12% to 4,051.69 points, following the scenario in the rest of Europe, at a time when most of the countries of the “old continent” are imposing new movement restrictions in an attempt to contain the spread of the coronavirus throughout the region.
With 16 listed shares falling, one on the waterline and one rising, one of the highlights is Galp’s 4.89% drop to € 7.746 per share, in what is the biggest drop in three months for the Portuguese shareholder. Today the oil company led by Carlos Gomes da Silva, according to a statement sent to the CMVM, recorded a negative third quarter RCA net result of 23 million euros, compared with a positive result of 101 million euros in the same period last year.
In addition, he reported the sale of a 75.01% position in the company that holds nine regional gas distribution companies in Portugal in Allianz, for 368 million euros. The implied value in the business was lower than what Galp Energia intended in March, when it advanced with the transaction in the market.The day will also be a bad memory for BCP, which renewed its historic lows by devaluing 2.84% to 7.52 cents per share.
The technology sector in Europe experienced one of the largest declines in the entire continent, under the pressure of the collapse of the German SAP, which today slipped by more than 21%, in what was its largest intraday decline since 1999. at stake was a revenue forecast for this year, also admitting that a new wave of feedlots will affect demand in the first half of 2021.
This stock shift equates to a € 28 billion loss in SAP’s market value. The aftermath of this historic decline has come to Portugal, with Novabase experiencing its largest decline since March this year, the culmination of the first major market shock from the current pandemic. The shares of the Portuguese company ended the day losing 4.24% to 3.16 euros per share.
In the paper sector, Others recorded a drop of 4.94% to € 3,384 per share and Navigator lost 2.64% to € 1,920 per share, the day before the presentation of the quarterly results. Second CaixaBank BPI analysts, Navigator’s net profit is expected to decline 61% year-over-year to 21 million euros in the three months under review.
Others, which presents data on November 19 alone, are expected to post a loss of 1.2 million euros in the third quarter of this year, according to estimates by JB Capital. Today, in an analytical note, this investment bank increased Others’ recommendation from “neutral” to “buy”, considering that, at the current price, the pulp and paper company is attractive.
EDP also fell, losing 1.35% to € 4,320 per share