Portugal's PSI index rises 0.51% to a new 1-month high, led by gains in Utilities and Energy sectors.

Portugal's PSI stock index rose 0.51% to a new one-month high on Friday, driven by gains in the utilities and industrials sectors. Mota Engil SGPS and EDP Renovaveis led the gains, while Altri SGPS and Galp Energia Nom declined. Brent oil futures increased 0.82% to $76.55 a barrel, and gold futures fell 0.49% to $2,655.84 a troy ounce. The US Dollar Index Futures was down 0.40% at 108.77.

Portugal's PSI stock index experienced a noteworthy increase of 0.51% on Friday, reaching a new one-month high [1]. This uptick was primarily driven by the robust performance of the utilities and industrials sectors.

Mota Engil SGPS and EDP Renovaveis emerged as the leading contributors to the index's gains. Mota Engil SGPS, a leading Portuguese construction and infrastructure company, witnessed a significant surge of 3.56% [1]. Meanwhile, EDP Renovaveis, a renewable energy company, added 2.46% to its share price [1].

The Navigator Company SA and EDP Energias de Portugal SA also experienced notable gains, with increases of 2.06% and 2.46%, respectively [1]. These positive movements were in stark contrast to the declines experienced by Banco Comercial Portugues, Corticeira Amorim, and CTT Correios de Portugal SA, which fell by 1.25%, 0.37%, and 0.37%, respectively [1].

The upward trend in the Portuguese stock market was not limited to domestic stocks. The price of Brent oil for March delivery increased by 2.28%, reaching $76.34 per barrel [1]. Additionally, Crude oil for February delivery and the February Gold Futures contract both experienced gains of 2.57% and 1.17%, respectively [1].

Despite these positive developments, the Euro experienced a decline against the US Dollar, with EUR/USD falling by 0.84% to 1.03 [1]. However, EUR/GBP remained unchanged [1].

The US Dollar Index Futures experienced a slight increase of 0.73% to 109.09 [1]. It is essential to note that while these gains are promising, investing in financial instruments and cryptocurrencies carries significant risks, including the possibility of losing some or all of your investment [2].

In summary, Portugal's PSI stock index experienced a notable increase of 0.51% on Friday, driven primarily by the robust performance of the utilities and industrials sectors. This positive trend was reflected in the gains experienced by Brent oil, Crude oil, and Gold futures, although the Euro experienced a decline against the US Dollar.

[1] https://www.investing.com/news/stock-market-news/portugal-stocks-higher-at-close-of-trade-psi-up-051-3714897
[2] https://www.investing.com/news/stock-market-news/portugal-stocks-higher-at-close-of-trade-psi-up-055-3794359