Markets, Business & Tech Briefing: PSI Slips 0.6%, Galp Bucks Decline, Indaqua Bids Top €1B

PSI snapshot

The PSI ended the session in the red, retreating -0.60% (-55.60 pts) to close at 9,209.54, snapping the modest rebound from Tuesday and giving back roughly two-thirds of the gains booked Monday. Breadth was uneven across the 16 constituents: the index printed an intraday high of 9,283.12 before drifting through the afternoon to a low of 9,192.19. Volume came in around 52 million shares, with the heavyweight utilities doing most of the damage and a handful of construction and energy names propping up the bell.

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Top movers

Leaders: Teixeira Duarte led the index with +3.26%, extending its run on the back of fresh order-book commentary. Mota-Engil added +2.05%, with civil-works exposure rotating back into favour after weeks of pressure. Galp Energia firmed +1.60%, the only blue-chip name in the green column among the index's largest weights — Brent's renewed bid into mid-session gave the integrated oil and gas group cover.

Laggards: Ibersol dropped -2.38% to bottom the table, with the consumer-facing reading from this morning's INE confidence release weighing on the discretionary names. EDP Renováveis fell -2.26%, giving back a chunk of last week's wind-portfolio rally as Brussels' decision to refer Portugal to the EU Court over the Renewables Directive added regulatory noise to the file. REN slipped -1.72%, with the wider EDP family also closing lower as the utility complex absorbed the day's softer European tape.

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Rates and currency

The Portuguese 10-year OT yield rose +7 bp to 3.55%, its highest reading of the month, as the German Bund equivalent climbed +5 bp to 3.11% — the highest Bund print since 2011. The PT-Bund spread widened to about 44 bp, up from roughly 35-37 bp earlier in the week, with hawkish positioning across the euro area driving most of the move. Italian and Spanish paper underperformed in tandem ahead of tomorrow's euro-area inflation flash. EUR/USD eased -0.13% to 1.1696, with the dollar firming on stronger US data and a quieter risk tone into Europe's close.

Indaqua sale: bids top €1 billion

The marquee corporate file of the day landed in the M&A book: Indaqua, the private water-concession operator owned by Miya (Bridgepoint), is on the receiving end of binding offers above €1 billion, comfortably ahead of the indicative range floated when the process opened. The asset bundles long-dated municipal water concessions across northern and central Portugal, and the headline number frames the file as one of the largest infrastructure trades on the local market this year. Final selection of preferred bidder is expected in the coming weeks; the deal will pull the regulated utilities tape into focus as buyers weigh tariff frameworks and concession run-off.

Visabeira: €2.73bn revenue, profits over €100m

The Viseu-headquartered conglomerate published 2025 revenue of €2.73 billion, up 15.3%, with net profit above €100 million for the year. The US operation grew +23.1%, anchoring the international weighting, and the group closed the year with a €6.15 billion order backlog — a record for the holding. Telecoms infrastructure remains the volume engine, but the construction and engineering arm is increasingly carrying the margin. Visabeira is unlisted, but the print is a useful read-across for Portugal's mid-cap industrial complex and a signal on how export-weighted services exposure is offsetting the softer domestic export print this morning from INE.

Vista Alegre: Ria Stone renews IKEA at €400m through 2034

Listed group Vista Alegre Atlantis, through subsidiary Ria Stone, locked in a renewed IKEA tableware contract worth more than €400 million, running through 2034. Alongside the renewal, the group will deploy €40 million into a new Ílhavo manufacturing facility, lifting annual capacity to roughly 50 million pieces and creating about 100 jobs. The contract de-risks Ria Stone's medium-term order book and gives the parent a long-dated visibility window on the most cash-generative asset in the portfolio — a useful anchor as the porcelain side digests softer European retail.

Outlook

Thursday brings the euro-area inflation flash and the prelude to next week's ECB call, with peripheral spreads, EDP Renováveis and the local water-utility tape the names most likely to price the read.