Markets, Business & Tech Briefing: PSI Ends Week at One-Month High as EDP Powers Late Rally
Weekend edition — Saturday, 4 July 2026. Euronext Lisbon is closed Saturday and Sunday, so the figures below reference Friday's 3 July close. Trading resumes Monday. Here is the week in review — a soft start that gave way to a powerful two-day finish — plus the corporate stories that mattered and what to watch when the new week opens.
The week: a shaky start, a strong finish
Portugal's benchmark PSI ended the week on the front foot, closing Friday at 9,328.28 points after back-to-back gains of 1.20% on Thursday and 1.40% on Friday lifted it to a one-month high. That capped a choppy five sessions: the index sagged to around 9,090 points by Wednesday, down about half a percent on the day, before the late-week rally more than erased the slippage. Measured against the previous Friday's 9,136.18 close, the PSI finished roughly 2.1% higher on the week — and it now sits within striking distance of its 9,516 high for the year, comfortably above the 7,522 floor touched earlier in 2026 and firmly higher over twelve months.
The heavy lifting came from the energy complex. The EDP family led the blue chips into Friday's close, with the utility climbing 2.97% to €4.69 and green-power arm EDP Renováveis adding 2.20% to €14.37. Construction group Teixeira Duarte topped the Friday board, and lender BCP, grid operator REN — Redes Energéticas Nacionais (National Energy Networks) and builder Mota-Engil joined the advance, with rising stocks outnumbering fallers roughly two to one. The glaring exception all week was retail heavyweight Jerónimo Martins, which slid 1.37% on Friday to €16.60, a fresh 52-week low, as deflation and a price war at its Polish discounter Biedronka (Ladybird) kept the shares drifting lower even while the index rallied around it.
Bonds tight, the euro firm
In fixed income, the Portuguese 10-year yield edged up to about 3.33% into the weekend, a few basis points higher as euro-area yields drifted north. With the German 10-year Bund near 2.95%, the spread held at roughly 38 basis points — still one of the tightest readings in years and a continuing endorsement of Portugal's public finances, which have earned Lisbon some of the lowest funding costs on the euro-zone periphery. The single currency stayed strong: EUR/USD traded around 1.1460, near a multi-week high, with the dollar soft and US markets shut Friday for the Independence Day holiday.
Business & tech: EDP and Galp defend their brand crowns
Away from the tape, the week's standout corporate scorecard came from the annual ranking of Portugal's most valuable brands. EDP held on to the top spot at about €3.16 billion, up 10.1%, with Galp a clear second at roughly €2.52 billion after a 16.2% jump — the fastest rise among the leaders alongside a strong showing from the banks, whose brand values climbed sharply on the back of buoyant net-interest margins. Grocer Jerónimo Martins rounded out the podium, a reminder that its shrinking share price and its still-formidable franchise value are telling two different stories at once. The ranking neatly mirrors the equity market: the two energy names that have powered the PSI's rally are also the ones adding the most intangible value.
Brussels signs off Portugal's ninth recovery cheque
The fiscal backdrop that keeps Portuguese bond spreads so compressed got another vote of confidence this week, as the European Commission cleared the country's ninth disbursement under the PRR — Plano de Recuperação e Resiliência (Recovery and Resilience Plan), worth about €2.3 billion. The payment lifts execution of Portugal's roughly €22 billion post-pandemic programme to around 75%, with a hard deadline to spend the money by mid-2026 now concentrating minds across ministries and the construction sector that stands to benefit. The steady inflow of EU money, alongside a run of budget surpluses, is a core reason Lisbon continues to borrow more cheaply than much of the periphery — and why the Bund spread has barely flinched even as global yields swing.
The week ahead
The dominant catalyst into the new week remains the TAP Air Portugal privatisation: with Air France-KLM and Lufthansa shortlisted and binding offers due by the end of July, the flag carrier's sale is entering its decisive stretch and should stay in focus. On the tape, the question is whether Lisbon can hold its one-month high for a third session or whether the two-day bounce fades once Wall Street reopens Monday after the long weekend. Watch whether Jerónimo Martins can finally find a floor after its fresh low, and keep an eye on the banks as deposit competition and savings-rate moves ripple through the sector. A steady euro and firm risk appetite are the backdrop as the second half of 2026 gets under way.
