Markets, Business & Tech Briefing: PSI Books -1.60% Weekly Drop to 9,076, Vista Alegre AGM Approves €1.07 Delisting, Citi Initiates EDP at Buy

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Saturday, 30 May 2026 — Euronext Lisbon closed for the weekend. Weekly wrap and Monday-1-June set-up.

PSI: Five-down week ends at 9,076.53, month closes near -3%

The PSI shut the May tape at 9,076.53 on Friday, capping a five-session losing streak and printing a -0.98% week-on-week drop from the prior Friday's 9,166.74 close. The full-week swing from Monday's 9,223.83 open lands at -1.60%, and the month-to-date reading tightens to roughly -3% — Lisbon's softest monthly close since February as European bourses absorbed a fresh round of profit-taking into month-end. The five sessions traded a 167-point range (high 9,258.34 on 26 May, low 9,056.47 on 29 May) on falling breadth: only Monday's tape closed above the 9,200 line, and the index has not printed a green session since.

The weekly leadership map shows the European-tech-and-defence rotation continuing to lift NOS (+37% year-to-date, the index's runaway annual mover) and the construction tape on the Mota-Engil €5.70 CaixaBI price-target raise (Friday +1.37% to €4.752). Pressure concentrated in the pulp-and-paper complex — Corticeira Amorim -2.24% on Friday, Altri -1.49%, Navigator -0.64%, Semapa -1.04% — and the consumer-and-utilities legs, with Jerónimo Martins giving back the bulk of mid-week gains and EDP -1.15% to €4.367 on the session despite the Citi Buy initiation the night before (more below). CTT finished -0.49% to €6.065 after the Tuesday-Thursday ex-dividend and pay-day complex absorbed the €0.17 per share cash distribution.

Bonds and FX: OT-Bund spread tightens to 37 bps, EUR/USD prints $1.1674

Portugal's 10-year OT yield closed Friday at 3.31% (-3 basis points on the day, -10 bps on the week from the 3.41% read of the prior Friday), the lowest reading of the month and a roughly 14 bps compression from where the curve traded four weeks ago. The 10-year Bund printed 2.94%, also down 2 bps and the lowest since mid-March, leaving the PT-Bund spread at ~37 basis points — comfortably inside the 40 bps working ceiling of 2026 and consistent with the IGCP's mid-week reception on Thursday's €3 billion 20-year sindicada that drew €54 billion of demand at an 18-times oversubscription and priced at 3.875% (mid-swap +67 bps). The 20-year benchmark walks the Tesouro to roughly 60% of the 2026 €24 billion wholesale-funding programme, with Banco de Portugal spring-outlook math leaving €17.1 billion of OT issuance and €600 million in ORTV as the working envelope.

The euro closed the week at $1.1674 against the dollar, lifting +0.48% on Friday in the clearest single-day FX move of the tape. The pair sits at the upper bound of the 2026 range, a backdrop that softens the export-translation pickup for the PSI's industrial names heading into Q2 reporting. Euribor 3-month tracks near 2.23%, the indexation rail that lifted the Certificados de Aforro June base rate to 2.215% in the IGCP retail-savings reset.

Vista Alegre AGM approves Visabeira €1.07 delisting — Bordallo Pinheiro owner walks Euronext Lisbon

Friday's Vista Alegre Atlantis shareholder meeting approved the voluntary delisting from the regulated market, closing a 19-year public-market chapter for the Bordallo Pinheiro and Vista Alegre porcelain owner. The proposal — signed by NCFGEST, Visabeira Group SGPS, Visabeira Indústria and NCFTradetur with Fernando Campos Nunes as the ultimate controller — cleared the 90% voting-rights threshold against a free float that had thinned to 5.24%. Under CMVM regulation, NCFGEST is now obligated to purchase (or designate a purchaser of) the shares of dissenting holders at the €1.07 per share cash-out level, with a three-month execution window opening when the regulator publishes the formal delisting decision. The exit ends the listed-name life of a manufacturer whose 2025 accounts swung back to €4.7 million in profit after the prior-year retreat, and whose ownership profile had become structurally incompatible with the cost-and-disclosure load of a regulated quote — Cristiano Ronaldo's CR7 SA 10% stake from 2024 sits among the minority blocks now lined up for the squeeze-out. The withdrawal removes one of the four ceramics-and-glass names from the Euronext Lisbon roster and walks the Visabeira Indústria mandatory-tender obligation onto the Martifer file, whose €2.057 per share OPA acceptance window closes Wednesday 3 June against the Optimize Portugal Golden Opportunities fund's €2.25-per-share sabotage-block.

Citi initiates EDP at Buy, calls the utility "a bargain" on data-centre demand

Citi on Thursday 28 May began coverage of EDP with a Buy recommendation, framing the Miguel Stilwell de Andrade-led utility as "a bargain" inside a European utilities sector the bank otherwise reads as "fully valued." The American broker's thesis stacks the multi-faceted growth strategy at the holding level (renewables build-out via EDP Renováveis, regulated networks at E-Redes, retail electrification) against an entry valuation it describes as an "economic way" into the energy-transition trade, with data-centre power demand in Portugal singled out as a structural top-line lever — Sines, Évora and the Start Campus cluster carrying the AI-infrastructure connection load. The note lands as EDP trades at €4.367 (Friday close, -1.15% on the session) and EDP Renováveis at €14.17 (+0.50%), and joins the Mota-Engil €5.70 CaixaBI price-target lift as the second pre-summer broker recalibration on PSI heavyweights. The sector-tape positioning runs against the BPCE/Novobanco — GamaLife bancassurance file confirmed at the Natixis Oriente Green Campus opening Friday, where CEO Nicolas Namias conceded the €600 million Apax-controlled life-insurance carrier is "a possible way" to plug the bank's insurance distribution gap against Generali and Italian lender BFF.

Semapa AGM clears €0.626-per-share dividend, ~€50 million wires 17 June

Semapa shareholders approved the €0.626 per share dividend on Friday, an unchanged-from-2024-and-2025 distribution that wires roughly €50 million to investors starting 17 June 2026 — the headline cash payment of the second-quarter dividend calendar despite the holding's 33% drop in 2025 profit. The cement-pulp-and-environment group held the payout flat to preserve the Cimpor / Secil and Navigator cash-flow capacity through the cycle, and Friday's session-leading -1.04% close to €23.75 walks the stock into the ex-dividend window stacked alongside the Mota-Engil and Inapa June AGM calendars. The Friday tape leaves BCP flat at €0.972 with the JPMorgan-executed €407.5 million recompra-de-ações programme set to open Wednesday 4 June and run to 4 December 2026 — up to 1.184 billion shares (~8% of capital) cleared for cancellation under the CMVM filing of 27 May.

Outlook — Monday 1 June opens with ISP fuel-discount cut, Wednesday 3 June stacks Martifer OPA close and CGTP greve geral

Outlook: Monday 1 June opens Euronext Lisbon with the ISP fuel-discount reset under the Direção-Geral de Energia e Geologia portaria — diesel support falls to €43.80 per 1,000 litres and gasoline to €42.18, against a Brent tape that has slid below $100 and a sector-channel read pointing to a net ~10-cent pump drop when ERSE retail monitoring updates. The week's headline catalysts stack on Wednesday 3 June: the Visabeira Indústria mandatory tender offer for Martifer at €2.057 per share reaches its acceptance deadline against the Optimize €2.25 sabotage-block, the CGTP greve geral walks the 12-proposition Trabalho XXI labour-reform negotiation through a one-day national strike that picks up CP, TAP cabin crew, Autoeuropa and Frente Comum, and the 500-flight ANA/TAP disruption window from the SNPVAC/SITAVA 3 June stoppage hits the air-traffic feed. Thursday 4 June opens the BCP €407.5 million JPMorgan-executed recompra-de-ações window for a six-month run to 4 December. The mid-cap calendar walks the Semapa 17 June dividend-pay date and the IGCP June OT auction into the back end of the month against the Banco de Portugal macroprudential signal lift on DSTI and the ERSE 2026-2029 regulated-return framework that takes REN's base from 4.40% to 6.19%. The cross-asset read: with EUR/USD at $1.1674 and the PT-Bund spread at 37 bps, a confirmation bid in Asian trading Sunday night sets the tone for whether Lisbon snaps the five-session losing streak on Monday open.