Markets, Business & Tech Briefing: PSI Up 0.26%, EDP Leads, Digi Eyes Madrid IPO
The latest Portugal news, analysis, and what it means for expats and residents.
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📋 In This Edition
- Lisbon opens the week higher
- Bonds steady, the euro firms, Euribor mixed
- Digi sets course for a Madrid listing
- The Bank of Portugal holds its growth call
- Outlook for Tuesday
Lisbon opens the week higher
The PSI closed Monday at 9,159.49 points, up 0.26% (a gain of about 23 points) and extending its advance to roughly 2.2% on the month and a hefty 22.8% over the past year. The energy complex led the way: EDP rose about 1.9% and its renewables arm EDP Renováveis added around 1.6%, while Galp firmed roughly 0.7% despite a soft oil tape. BCP ticked up about 0.7% and Jerónimo Martins gained close to 0.9%. The drag came from the usual late-June laggards — pulp-and-paper name Navigator slipped around 1.5%, and the construction end of the board, including Mota-Engil and Teixeira Duarte, softened by 1.3–1.5%.
Bonds steady, the euro firms, Euribor mixed
In fixed income, the Portuguese 10-year yield held at 3.25%, essentially unchanged on the day. With the German 10-year Bund near 2.86%, the spread sat around 39 basis points — still close to its tightest in years and a continuing vote of confidence in Portugal's public finances. The single currency strengthened: EUR/USD climbed to 1.1423, up about 0.35%, as the dollar stayed on the back foot. Mortgage-linked Euribor rates were mixed in Monday's fixing — the three-month rate edged up to 2.317%, while the six- and twelve-month tenors eased to 2.595% and 2.732% respectively, keeping the cost of new home loans broadly stable.
Digi sets course for a Madrid listing
Low-cost telecoms challenger Digi — the Romanian operator that launched mobile and fibre service in Portugal in November 2024 — confirmed on Monday it will float on Spain's stock exchanges (Madrid, Barcelona, Bilbao and Valencia) through an offer aimed at institutional investors, placing up to 25% of its capital. The deal pairs a capital increase of roughly €150 million in new shares (about €136 million net) with a sale of existing stock by sole shareholder Digi Romania, which will keep at least 75% and retain control. Proceeds are earmarked for expanding the group's fibre network and rolling out its own mobile infrastructure, with an anchor commitment of €100 million from Global Portfolio Investments, the family vehicle behind Spain's Mayoral group. The listing — which would value the company near €1.7 billion — is being watched in Lisbon, where Digi's budget pricing has been squeezing the incumbents MEO, NOS and Vodafone since its arrival.
The Bank of Portugal holds its growth call
The Banco de Portugal (Bank of Portugal)'s latest Economic Bulletin (Boletim Económico) kept the country's 2026 GDP growth forecast at 1.8%, with 1.6% pencilled in for 2027 and 1.8% for 2028 — a steady-as-she-goes outlook even as the central bank trimmed its read on the wider euro area. The notable revision was on prices: the bank lifted its 2026 inflation projection to 3.1%, citing higher energy and fertiliser costs and stickier services prices, with governor Álvaro Santos Pereira flagging the pickup as the main change since March. The bulletin assumes an average oil price of about €82.9 a barrel for the year. For bond investors, the message is reassuring on debt sustainability but a reminder that the inflation glide-path back to 2% is taking longer than hoped.
Outlook for Tuesday
Expect thin, summer-tinted volumes, with attention on the close of the European Central Bank's Sintra forum and on euro-area inflation flash readings due this week — any upside surprise would reinforce the Bank of Portugal's warmer price call and keep a floor under yields.
