Markets, Business & Tech Briefing: PSI Rebounds 0.4%, Sonae Leads, Galp Slips
Thursday, 9 July 2026. Lisbon steadied after Wednesday's steep drop, with the PSI edging up about 0.4% as retailer Sonae and grocer Jerónimo Martins led a partial rebound and the banks firmed, while the energy and utility names slipped. The euro pushed higher for a second day and Portuguese debt costs barely moved. Below: the session's shape and who drove it, why the spread over Germany is still among the tightest in years, and two corporate stories worth watching — snack-bar operator Ibersol shrinking its share count, and the government's conditions on the Galp–Moeve refinery merger.
Where the market stands
Portugal's benchmark PSI closed Thursday at around 9,124 points, up about 0.43%, or roughly 39 points, clawing back part of Wednesday's near-1.8% slide. Advancing stocks outnumbered decliners, and the index remains up about 2.5% over the past month and close to 18% over the past year, so the longer uptrend is intact. The recovery was led by the retailers: Sonae rose about 2.65% — the day's best blue-chip performer — while grocer Jerónimo Martins bounced roughly 1.8%, recovering a slice of Wednesday's heavy loss. Paper-and-pulp group Semapa added about 1.7%, postal operator CTT — Correios de Portugal (Portugal Post) gained around 1.65%, and lender BCP — Banco Comercial Português (Portuguese Commercial Bank) firmed about 1.5%, steadying after Wednesday's sharp drop.
The drag came from energy and utilities. Grid operator REN — Redes Energéticas Nacionais (National Energy Networks) fell about 1.3%, EDP — Energias de Portugal (Energy of Portugal) slipped roughly 1.0%, and fuel group Galp eased about 0.7%, giving back part of Wednesday's outsized jump as crude cooled. Ibersol dipped about 0.85%, and construction group Teixeira Duarte was the weakest name on the index, down roughly 2.4%.
Bonds hold steady, the euro firms
In fixed income, the Portuguese 10-year yield was virtually unchanged at about 3.44%, holding near where it settled on Wednesday after the previous session's climb. The spread over the German Bund, trading near 3.10%, stayed around 35 basis points — still one of the tightest readings in years and a continuing vote of confidence in Portugal's public finances, which fund near the cheapest levels on the euro-zone periphery. In currencies, EUR/USD firmed to about 1.1438, up roughly 0.2% on the day and higher for a second straight session as the dollar softened. Steady yields and a firmer euro made for a calmer backdrop than Wednesday's, helping equities find their footing.
Business: Ibersol cancels shares and trims its capital
Restaurant operator Ibersol — the Portuguese franchisee of KFC, Pizza Hut and Burger King — told the market it has cut its share capital to €40 million from €40.9 million, cancelling 899,126 treasury shares on 8 July to, in its words, "liberate excess capital." The move is part of a share buyback programme running into late 2026, and by retiring stock it lifts earnings and dividends measured per remaining share. Investors took it in stride: the stock eased about 0.85% on the day, in line with the broader softness among the non-financials, but the steady reduction in share count remains a quiet tailwind for holders.
Business: Lisbon sets red lines around the Galp–Moeve refinery merger
The government drew two firm conditions around the proposed refining tie-up between Galp and Spain's Moeve (formerly Cepsa): the Sines refinery must keep running, and supplying the Portuguese market has to come first. For equity holders the message cuts both ways — political backing lowers the odds of an outright block, but the strings attached limit how much either side can rationalise capacity to squeeze out savings. Galp shares slipped about 0.7%, tracking the wider pullback in energy rather than any sharp reaction to the terms. Separately, fresh INE — Instituto Nacional de Estatística (Statistics Portugal) data showed industrial turnover growth cooling to 7% year-on-year in May from 9.4% in April, a reminder that export momentum is fading even as domestic demand holds up.
The outlook
With Wednesday's sell-off partly retraced, a softer dollar and steady sovereign spreads leave a supportive backdrop into Friday. The question is whether the banks and retailers can extend their bounce and whether the energy names stabilise alongside crude — the swing factor that has driven the index's sharpest moves all week.
