Markets, Business & Tech Briefing: PSI Eases 0.4%, Galp Q2 Profit Falls 33%, Jerónimo Martins Margins Thin
The latest Portugal news, analysis, and what it means for expats and residents.
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📋 In This Edition
- Lisbon Shares Ease Into the Weekend
- Galp's Refining Slump Drags Down Second-Quarter Earnings
- Jerónimo Martins Grows Sales but Feels a Margin Squeeze
- Sovereign Debt and the Euro
- The Setup for Monday's Session
Lisbon Shares Ease Into the Weekend
The PSI (the benchmark index of the Euronext Lisbon exchange) closed Friday at 9,215.11 points, down 0.40% on the day after opening at 9,232.36 and trading as high as 9,273.98. The pullback was led by telecoms, basic-materials and consumer names, though the index still finished the week above where it started and within reach of its 52-week high of 9,516.43.
Retail and paper stocks did most of the damage. Jerónimo Martins and Sonae slipped alongside pulp-and-paper producers The Navigator Company and Altri, while NOS weighed on the telecoms bucket. Defensive energy and banking names held up better: BCP (Banco Comercial Português, Portugal's largest listed bank) steadied after this week's rally and EDP found modest support, leaving the tape mixed rather than broadly negative.
Galp's Refining Slump Drags Down Second-Quarter Earnings
Galp Energia, the integrated oil-and-gas group, reported a weak second quarter that capped its share price. Adjusted net profit fell 33% year-on-year to €86 million, from €129 million, and the group swung to a reported net loss of €36 million (versus a €15 million loss a year earlier) as trading and downstream results disappointed. One bright spot: the benchmark refining margin at the Sines complex rose to $3.40 a barrel from $2.50, hinting that the refining backdrop is starting to firm even as upstream and trading lagged.
Jerónimo Martins Grows Sales but Feels a Margin Squeeze
Food retailer Jerónimo Martins posted first-half net profit of €356 million on consolidated sales of €14.5 billion, a 22.1% jump driven overwhelmingly by Poland. Its Biedronka discount chain — now around 72.5% of group business — lifted turnover 20.5%. But price investment and cost inflation trimmed the EBITDA margin to 6.9% from 7.2% a year earlier, even as EBITDA rose 18.1% to roughly €1 billion. Investors fixed on the thinner margin, and the shares were among Friday's laggards.
Sovereign Debt and the Euro
Portugal's 10-year government bond yield held near 3.3%, keeping the risk premium over 10-year German Bunds around 60 basis points — historically tight, and a sign markets still treat Portuguese debt as a core rather than peripheral holding. In currencies, the euro eased to about $1.138 against the US dollar, down from $1.141 earlier in the week as the greenback firmed. A softer euro is a mild tailwind for Portugal's exporters and for tourism receipts from non-euro visitors.
The Setup for Monday's Session
With earnings season in full swing, Monday's direction will hinge on whether energy and retail can stabilise after the mixed prints from Galp and Jerónimo Martins, with oil prices and the next wave of corporate results the main swing factors.
