Markets, Business & Tech Briefing: PSI Sheds 0.92%, EDP Lone Gainer, Earnings Week Opens

Sunday, 26 April 2026 — Lisbon. Markets recap covers Friday's close. Trading resumes Monday with Galp opening a packed earnings calendar.

PSI Closes the Week at 9,123.76

The PSI snapped a four-session run of small advances on Friday, sliding 0.92% to 9,123.76 points as 15 of the 16 listed stocks finished in the red. The benchmark had touched 9,209 on Thursday — its highest reading of the month — before the broad-based pullback wiped the week's gains and left the index roughly flat from the prior Friday's close.

The only blue-chip in green was EDP, which inched up 0.09% to €4.48, holding ground after a strong run that has made the utility a 2026 leader. Everything else slipped: Mota-Engil led the losers at -2.59% as the construction group's new €50M retail bond priced this week pulled focus from the equity, Navigator shed -2.14% and sister-stock Semapa -1.99% on softer pulp pricing chatter, EDP Renováveis fell -1.10%, BCP gave back -1.09% to €0.89, Jerónimo Martins eased -0.97%, and Galp closed -0.70% at €19.35 ahead of Monday's Q1 numbers. The PSI is still up roughly 12% year-to-date, comfortably ahead of the IBEX and the broader STOXX 600.

10-Year OT Holds Just Above 3.4%

The benchmark Portuguese 10-year closed Thursday's session at 3.43%, a single basis point above Wednesday and within a tight three-bp range for the week. The spread to the German Bund hovered around 67 basis points, the kind of compression that has become the rule rather than the exception since IGCP refinanced the bulk of its 2026 funding programme into longer dates earlier this quarter. Aforro Series F demand — boosted again on Friday after Miranda Sarmento lifted the per-saver cap to €250,000 — continues to absorb retail euros that might otherwise crowd into the secondary market, helping keep the front of the curve well-bid.

Euro Slips Back Below $1.17

The euro finished the week on the back foot against the dollar, trading at $1.1685 into Friday's New York close — down roughly 0.7% on the week and well off Monday's $1.1791 high. Hawkish Fed minutes on Wednesday and a softer-than-expected eurozone PMI Thursday morning did most of the damage, while a Strait of Hormuz risk premium back in oil prices kept downward pressure on energy-importing currencies. Galp shareholders tracking translation effects on the dollar-denominated upstream book will note the move trims, rather than helps, this quarter's reported figures.

The Earnings Parade Begins Monday

Galp kicks off the PSI's Q1 reporting season before Monday's open with consensus pencilling in EBITDA around €685M and refining margins running well ahead of the same quarter last year. Eight PSI listings file accounts between 4 and 7 May, including BCP, EDP, EDP Renováveis and Jerónimo Martins, making the next two weeks the densest stretch of corporate news Lisbon will see all year. Banco Português de Fomento confirmed late Friday that its €1.5bn IFIC envelope — bumped 50% this week — is now operational, with the first defence and deeptech AI tickets expected to be drawn down in May.

Weekend Tape: M&A Cools, Storm Aid Flows

Iberian M&A activity is running at a noticeably softer clip than this time last year, with January's €409M deal value down 8% and volume off 44%. Friday's confirmation that Rothschild is running a strategic-options review for CTT a week before Guy Pacheco takes over as CEO did not move the share price meaningfully on the day, but it adds another file to a growing review pipeline that already includes Fidelidade's 35% share sale, the HPA Saúde rollup at CUF, and the lingering question of what Fosun does next with its postal-bank stake. Separately, the Treasury said by Friday evening that €2bn of the €3.5bn winter-storm aid envelope has now reached households and firms — a meaningful flow into the construction and white-goods supply chains over the next quarter.

Outlook for Monday

Futures point to a flat-to-modestly-positive open in Lisbon, with all eyes on Galp's pre-market release and on whether the dollar's Friday strength carries into Asian trade.