Markets, Business & Tech Briefing: PSI Falls 0.88%, Oil Slide Hits Galp, State Wealth Fund Eyed
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📋 In This Edition
- Gainers
- Biggest fallers
- Mota-Engil
Wednesday, 24 June 2026 — your daily round-up of Portuguese markets, business and technology.
Equities: Lisbon lags as a fresh oil rout bites
The PSI-20 (the benchmark index of Euronext Lisbon, the Lisbon stock exchange) closed at 9,055.89 points, down 0.88%, shedding 80.84 points from Tuesday's 9,136.73 and giving back more than it lost in the prior session. This time Lisbon was among the weaker European bourses rather than the most resilient: Frankfurt's DAX fell 0.62% and Milan's FTSE MIB lost 0.73%, but Paris's CAC 40 rose 0.77% and London's FTSE 100 added 0.31%. The Euro Stoxx Banks index dropped 1.24%, dragging financials across the continent.
Only two of the sixteen PSI constituents finished higher — and in a neat reversal, the day's standout was Tuesday's worst performer.
Gainers:
- Jerónimo Martins, which slumped 3.35% on Tuesday, edged back up 0.17% as bargain hunters stepped in.
- REN (Redes Energéticas Nacionais, the grid operator) added a fractional 0.14%.
Biggest fallers:
- EDP Renováveis led the decline, off 1.92%, with parent EDP (Energias de Portugal) down 1.15%.
- Galp Energia fell 1.85%, tracking a sharp slide in crude (see below).
- Semapa dropped 1.38% and NOS lost 1.23%.
- BCP (Banco Comercial Português) slipped 1.01%, in line with the broad European bank sell-off, while Corticeira Amorim eased 0.93%, CTT (Correios de Portugal, the national postal operator) 0.51% and The Navigator Company 0.47%.
Mota-Engil, Sonae and Altri all closed flat.
Bonds: spread nudges wider but stays tight
Portugal's 10-year sovereign yield eased about five basis points to 3.25%, while the German 10-year Bund slipped to 2.87% on softer eurozone data and cooling expectations of further European Central Bank rate rises. With the Bund falling slightly faster, the Portugal–Germany spread widened a touch to roughly 38 basis points — still historically tight and signalling no stress in Portuguese debt.
Currency
The euro slipped against the dollar to around EUR/USD 1.136, down about 0.18% on the day — a modest pullback after recent strength rather than a meaningful trend change.
Business & tech
- Oil rout deepens, Galp in the firing line. Brent crude tumbled a further 3.85% to about $74 a barrel, its lowest in roughly three months, extending a slide that began when Washington granted Iran a 60-day licence to sell oil internationally amid progress in US–Iran talks. The renewed drop in crude was the single biggest weight on Galp, the PSI's bellwether energy name, which has signalled it could weigh resuming Iranian crude purchases once embargoes lift.
- Government floats a sovereign wealth fund. Prime Minister Luís Montenegro used the Social Democratic Party (PSD) congress in Anadia to announce plans for a state sovereign wealth fund to hold and acquire stakes in strategic sectors — explicitly naming energy, banking, communications and airport infrastructure. Montenegro called it “an instrument of autonomy and state intervention in strategic sectors,” though he gave no timeline, size or funding model. The proposal is directly relevant to several PSI heavyweights, from EDP and REN to BCP and NOS, and to the long-running tug-of-war over airport concessions.
- Euronext opens an SME fast-track in Lisbon. Euronext has launched IPOgo, a streamlined listing route for small and mid-sized companies, across eight markets including Lisbon. Enabled by the EU Listing Act, it roughly halves admission paperwork and cuts the typical timeline to market from six months to four for companies raising up to €12 million — a potential boost for a Lisbon exchange that has struggled to attract new flotations.
Outlook
With crude at three-month lows and European banks under pressure, expect energy and financial names to set the tone again tomorrow. Traders will watch Wall Street's overnight close and any fresh detail on the government's sovereign-fund plans, which could move regulated utilities and the airport-concession debate.
Figures reflect the 24 June 2026 close (Trading Economics; Euronext; Investing.com for individual movers). This briefing is for information only and is not investment advice.
