According to a note from the consultancy’s “Research” unit released today, of the 19 companies that make up the PSI-20, including Greenvolt, which entered the main index in September, 13 companies closed in 2021 with gains.
CTT – Correios de Portugal stood out as they saw their stock nearly double in value, reaching the end of the year with a 94% increase.
“After losing more than a quarter of its value last year, the Postal Company reported the best stock performance among PSI-20 companies, benefiting from Express and Parcels unit growth caused by the explosion in online commerce with an epidemic,” the note can be read.
Lisbon followed the market’s trend, although the PSI-20 posted a shyer gain, from 13.7% to 5,569.48 points, in what was the best year since 2017.
He stresses that “in a year when the number of business was lower per day, but the average daily liquidity rose slightly to 112 million euros, PSI-20 compensated for the 6% decline recorded in 2020, and returned to pre-pandemic levels” to ban.
CTT “were not the only stars this year with solid gains among the companies listed on the PSI-20” with Novabase and Ramada Investimentos up 62% and 46%, respectively, the note continues.
Sonae had the third best record in the national market in 2021 with a rating of 50%, above 46% of Jerónimo Martins, with both listed companies benefiting from investor confidence in the food retail sector, a sector that has proven resilient during the COVID-19 pandemic.
The advisor notes that Greenvolt was also “one of the stars of the National Stock Exchange” due to its entry into the capital market in July and its upgrade to PSI-20 in September, but also “because of strong gains accrued since then its bonds traded on Euronext Lisbon: they closed the year an increase of more than 33%.
The year was also one of gain for companies in the pulp and paper segment, with Navigator and “parent company” Semapa posting gains of about 30%, and Altri up nearly 11%.
“These positive performances occurred in a period characterized by robust production of both pulp and paper, mostly for export, but also high prices,” says BA&N.
In a year marked by the 5G auction, NOS ended up winning nearly 18% in the stock market, increasing its weight in the national market.
The same happened with another PSI-20 “heavyweight”, BCP, which “in a year marked by concerns about the impact of the end of credit defaults created by covid-19” posted a 14.5% gain in 2021.
Among the “giants” of the national benchmark, there were other notable, but negative points.
Although the largest drop was recorded by Pharol (about 40%), EDP, EDP Renováveis and Galp Energia popped into the waterfalls in Lisbon.
According to the consultancy’s analysis, “the three companies in the energy sector posted slight losses, but taking into account their ‘weight’ in the PSI-20, it prevented Lisbon from rising further in line with that recorded by most European markets.”
EDP lost 6.2%, a larger drop than that of the group’s renewable energy company, which fell 4.6%.
However, the advisor emphasizes that in 2020, both companies in the EDP world recorded strong performance in the stock market, recording a positive balance in the two years marked by the epidemic.
On the other hand, Galp Energia has accumulated two consecutive years of cuts, having been in 2020 “the worst-performing PSI-20 company on the stock exchange, losing more than 41% of its value” and in 2021 having suffered a writedown of less than 3%.
In the memo, the advisor states that 2021 was the year of change for Galp Energia, with the appointment of a new CEO, Andy Brown, as well as a revision of the company’s strategy, with a growing commitment to “green” energies. Sen refinery and abandonment of oil exploration as of 2022.
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