Portugal's equity market closed under pressure on Thursday, with the PSI down 1.43% at the Lisbon session's end. The decline was led by shares in the Consumer Services, Utilities and Consumer Goods sectors, which weighed on the overall index.
Among individual movers, Banco Comercial Portugues (ELI:BCP) was the session's strongest performer on the PSI, advancing 1.39% - a rise of 0.01 points to finish at 0.93. CTT Correios de Portugal SA (ELI:CTT) added 0.95% or 0.06 points to end the day at 6.36, and Ibersol SGPS (ELI:IBS) rose 0.33% or 0.04 points to close at 12.00.
On the downside, Jeronimo Martins SGPS SA (ELI:JMT) was the heaviest loser, tumbling 5.32% or 1.08 points to settle at 19.24. EDP Renovaveis (ELI:EDPR) fell 3.68% or 0.53 points to finish at 13.87, while Galp Energia Nom (ELI:GALP) declined 2.15% or 0.42 points to close at 18.88.
Market breadth in Lisbon showed more decliners than advancers, with 16 stocks falling versus 9 gaining and 6 ending unchanged. The drop in Jeronimo Martins took that stock to 52-week lows, reflecting the session's steepest single-stock move among the large names.
Commodities trading also moved during the session. Brent oil for July delivery fell 1.61% or 1.63 to $99.64 a barrel. U.S. crude for June delivery slipped 1.26% or 1.20 to $93.88 a barrel. Precious metals diverged, with the June Gold Futures contract rising 0.75% or 35.44 to trade at $4,729.74 a troy ounce.
In currency and index futures, the euro-dollar pair was effectively flat, with EUR/USD unchanged 0.11% at 1.18. EUR/GBP was unchanged 0.06% at 0.86. The US Dollar Index Futures edged down 0.03% to 97.85.
The question of whether GALP is attractively valued was posed in session commentary; a referenced fair value tool was noted as a way to assess that stock alongside thousands of others, using a mix of valuation models to reach a bottom line.
These moves come in the context of sector-led weakness where Consumer Services, Utilities and Consumer Goods were key contributors to the decline in the PSI. The session's data highlighted both individual stock volatility and small but meaningful shifts in commodity and FX markets that accompanied the equity moves.