Stock Markets February 2, 2026

PSI climbs to five-year high as financials and consumer names lead Lisbon gains

Lisbon benchmark rises 0.51% as Banco Comercial Portugues and Sonae hit multi-year peaks; energy and materials lag amid commodity weakness

By Derek Hwang
PSI climbs to five-year high as financials and consumer names lead Lisbon gains

Portugal's PSI index closed higher, advancing 0.51% to reach a new five-year high as gains in Financials, Consumer Services and Industrials supported the market. Banco Comercial Portugues and Sonae SGPS were among the session leaders and reached five-year highs, while energy and materials names ended lower as oil and precious metals slipped and the dollar strengthened.

Key Points

  • The PSI index closed up 0.51%, reaching a new five-year high, supported by gains in Financials, Consumer Services and Industrials.
  • Banco Comercial Portugues (ELI:BCP) and Sonae SGPS SA (ELI:YSO) were session leaders and rose to five-year highs; Altri SGPS SA (ELI:ALSS) also advanced.
  • Energy and materials-related stocks lagged as Brent and US crude futures fell and gold prices declined, with the US Dollar Index Futures higher.

Portugal's stock market ended Monday with a modest advance, with the PSI index up 0.51% at the close, marking a fresh five-year high.

Sector performance was led by Financials, Consumer Services and Industrials, which collectively pushed the index higher during the session in Lisbon. Market breadth was positive, with 14 stocks closing higher versus 12 that fell, and 3 finishing unchanged.

Among individual contributors, Banco Comercial Portugues (ELI:BCP) was the top performer, rising 2.34% or 0.02 points to close at 0.94. Sonae SGPS SA (ELI:YSO) also posted meaningful strength, adding 1.69% or 0.03 points to finish at 1.80, and Altri SGPS SA (ELI:ALSS) gained 1.39% or 0.06 points to end the day at 4.39.

On the downside, EDP Energias de Portugal SA (ELI:EDP) led decliners, slipping 1.20% or 0.05 points to 4.26 at the close. Semapa (ELI:SEM) declined 0.67% or 0.15 points to 22.25. Teixeira Duarte (ELI:TDSA) was down 0.41% or 0.00 points to trade at 0.48.

The session also featured notable multi-year highs for specific names. Shares of Banco Comercial Portugues rose to five-year highs on the day, while Sonae SGPS likewise reached five-year highs as both stocks recorded the gains noted above.

Commodities and currency markets showed a backdrop of weakness that coincided with the session. Brent oil for April delivery fell 4.75% or 3.29 to $66.03 a barrel. US crude for March delivery dropped 5.17% or 3.37 to $61.84 a barrel. In precious metals, the April Gold Futures contract eased 0.28% or 13.10 to trade at 4,732.00 a troy ounce.

Foreign exchange markets recorded small moves. EUR/USD moved 0.32% to 1.18, and EUR/GBP moved 0.12% to 0.86. The US Dollar Index Futures rose 0.52% to 97.36.


In sum, Lisbon's market closed with modest gains led by financial and consumer-service stocks, while energy-related names and commodity-sensitive instruments underperformed amid declines in global oil and gold prices and a firmer dollar.

Risks

  • Volatility in oil prices, as Brent and US crude both fell sharply, could weigh on energy-sector companies and related industrials.
  • Movements in the dollar and currency pairs, with the US Dollar Index Futures up and EUR/USD and EUR/GBP recording changes, may affect exporters and import-dependent firms.
  • Market concentration in a handful of outperformers poses the risk that a reversal in those stocks could materially affect index performance given modest breadth.

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