Markets, Business & Tech Briefing: PSI Slips 0.3%, BPI Profit Falls 13%, Semapa Leads
Portugal's benchmark index took a breather on Friday, closing out July on a soft note after Thursday's banking-led surge. A busy morning of first-half earnings dominated the corporate agenda, with BPI, Semapa and CTT (Correios de Portugal, the national postal operator) all reporting before the bell.
Markets at a Glance
The PSI index slipped 0.33% to close at 9,116.04 points, giving back a fraction of Thursday's 1.07% rally. Breadth was mixed, with gains in energy and paper offset by weakness across retail and utilities.
Semapa led the index, rising 1.21% to €20.10 after reporting a solid first half (see below). It was joined in positive territory by Navigator (+0.62% to €3.26), EDP (Energias de Portugal, +0.61% to €4.47), Ibersol (+0.52%) and Galp Energia (+0.46% to €19.69).
On the downside, REN (Redes Energéticas Nacionais, the national grid operator) fell 1.99% to €3.46, unwinding some of the enthusiasm around its 42% profit jump reported earlier in the week. Sonae dropped 1.45% and heavyweight Jerónimo Martins lost 1.20% to €17.36, the single biggest drag on the index by weight. BCP (Banco Comercial Português) paused after Thursday's near-5% spike, edging down 0.19% to €1.065.
Bonds & Currency
Portugal's 10-year government bond yield ticked up about 3 basis points to 3.55%, near a monthly high after climbing roughly 27 basis points over July as investors trimmed rate-cut expectations. The euro was little changed on the day and over the month, with EUR/USD trading around $1.15, down about 0.23% versus Thursday.
Corporate News
BPI (Banco Português de Investimento) posts €239 million half-year profit, down 13%. The CaixaBank-owned lender reported net income of €239 million for the first half, a 13% decline from a year earlier. The drop was driven by two non-recurring items — the absence of an €18 million gain booked in 2025 from a banking-sector solidarity levy reversal, and a €35 million negative hit from an accounting reclassification of its stake in Mozambique's BCI (Banco Comercial e de Investimentos). Underlying activity stayed firm: total lending grew 8% to €35.1 billion and customer resources rose 8% to €45.3 billion.
Semapa's profit climbs 22.5% to €131.8 million. The industrial holding company, which controls paper group The Navigator Company, lifted first-half net profit to €131.8 million from €107.6 million a year earlier. The result cheered investors and sent Semapa to the top of the PSI, even as Navigator's own operating performance softened.
CTT profit slumps 41.6% to €12.9 million. The postal and logistics operator saw first-half net income fall by more than 40% to €12.9 million, a reminder of the structural pressure on traditional mail volumes even as the group leans harder on parcels and its banking arm. Shares eased 0.16% to €6.16.
Pharol swings to a loss amid boardroom upheaval. Pharol (the former Portugal Telecom holding vehicle) reported a first-half net loss of €974,000, reversing a €2.12 million profit a year earlier. The entire board resigned during July, and a shareholder meeting installed João Moreira Rato as the new chairman.
Outlook
With the July earnings wave largely behind and Lisbon heading into a quieter August, attention next week turns to euro-area inflation prints and any read-through from the bond market's recent drift higher.
The Markets, Business & Tech Briefing is compiled by The Portugal Brief. Figures reflect the close of trading on Friday, 31 July 2026. This briefing is informational and does not constitute investment advice.
