Portugal's PSI Index Closes at 5-Year High, Led by Financial Sector

Portugal's benchmark stock index, the PSI, closed up 0.21% on Friday, reaching a new five-year high, according to market data. The advance was primarily driven by strength in the Financials, Technology, and Utilities sectors.

Key Movers and Sector Performance

Leading the gains was Banco Comercial Portugues (ELI:BCP), which surged 1.77% to trade at 1.21, also marking a five-year high for the bank's shares. Other notable performers supporting the index included:

• Ren Redes Energeticas Nacionais (ELI:RENE), which added 1.13% to end the session at 3.57.
• EDP Energias de Portugal (ELI:EDP), which rose 0.94% to close at 4.84.

Laggards and Market Breadth

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Despite the index's milestone, market breadth was negative, with falling stocks outnumbering advancing ones on the Lisbon Stock Exchange by 15 to 10, while six remained unchanged. The session's worst performers were weighed down by a drop in energy prices.

Energy firm Galp Energia (ELI:GALP) was the biggest decliner, falling 2.93% to 22.50. Other significant laggards included construction companies Teixeira Duarte (ELI:TDSA), down 2.11%, and Mota Engil (ELI:MOTA), which lost 2.04%.

Broader Market Context

The decline in energy stocks like Galp coincided with a significant drop in global oil prices. According to commodities data, Brent crude futures fell more than 2% to trade around $104.14 a barrel. In currency markets, the US Dollar Index Futures weakened by 0.38%, trading at 100.64.