Markets, Business & Tech Briefing: PSI Slips 0.34%, Jerónimo Martins Sinks 3.4%, Oil Drags Galp
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📋 In This Edition
- Biggest fallers
- Gainers
Tuesday, 23 June 2026 — your daily round-up of Portuguese markets, business and technology.
Equities: Lisbon caught in a broad European retreat
The PSI-20 (the benchmark index of Euronext Lisbon, the Lisbon stock exchange) closed at 9,136.73 points, down 0.34%, shedding 31.49 points from Monday's 9,168.22. Lisbon was dragged lower by a synchronised European sell-off, but its decline was the mildest of the major bourses: Frankfurt's DAX fell 1.38%, Madrid's IBEX 35 lost 0.95% and Paris's CAC 40 slipped 0.87%, while London's FTSE 100 ended broadly flat at -0.05%. Ten of the sixteen PSI constituents fell, four rose and two were unchanged — a broad retreat rather than a panic.
Biggest fallers:
- Jerónimo Martins was the day's worst performer, down 3.35% to €20.20, hit by renewed worries over the resilience of consumer spending amid sticky inflation.
- EDP Renováveis dropped 2.53% to €13.09 and parent EDP (Energias de Portugal) lost 1.43% to €4.35.
- Galp Energia fell 2.06% to €20.47, tracking a sharp slide in crude (see below).
- CTT (Correios de Portugal, the national postal operator) eased 1.19% and BCP (Banco Comercial Português) slipped 1.08% to €0.81.
Gainers were modest: Mota-Engil added 0.70% to €4.31, with small advances for REN (Redes Energéticas Nacionais, the grid operator), NOS and Corticeira Amorim.
Bonds: spreads stay calm
Portugal's 10-year sovereign yield edged down about three basis points to 3.29%, while the German 10-year Bund eased to 2.93%. That leaves the Portugal–Germany spread at roughly 36 basis points — historically tight and showing no sign of stress despite the equity wobble.
Currency
The euro was little changed against the dollar at around EUR/USD 1.142, down a marginal 0.07% on the day — no meaningful move.
Business & tech
- Oil slide weighs on Galp. Brent crude fell to roughly $77 a barrel, a near three-month low, after Washington granted Iran a 60-day licence to sell oil internationally following progress in US–Iran talks. Galp, which has signalled it would weigh resuming Iranian crude purchases once embargoes lift, was among the day's casualties as supply fears eased.
- Consumer caution hits retail. Jerónimo Martins' 3.35% drop reflects investor nervousness about household spending power. For context, the Pingo Doce and Biedronka owner reported 2025 net profit up 7.9% to €646 million on sales of €35.99 billion at its March results.
- Tech funding stays frozen. Portuguese venture-capital activity remained subdued in early 2026, with roughly $15.2 million raised across 11 equity rounds through April — down about 79% year on year, per Tracxn/Dealroom data — and no major new round surfacing this week.
Outlook
With crude near three-month lows and European risk appetite fragile, expect Lisbon to take its cue tomorrow from Wall Street's overnight close and any fresh signals out of the US–Iran negotiations, with energy names the most exposed.
Figures reflect the 23 June 2026 close (Trading Economics; The Portugal Post for individual movers). This briefing is for information only and is not investment advice.
