Portuguese stocks affected as markets react to ‘fears of second wave’

Fears that Covid-19 could be gearing up for a ‘second wave’ swept through global stock markets today, taking share values in Lisbon with it.

Lisbon’s PSI-20 fell 1.8% with BCP bank suffering the highest losses, taking share values down to 0.109 euros.

EDP Renewables has been another victim, losing 2,23%, with EDP itself dropping 1.14% “at a time when the CEOs of both companies are awaiting further charges from the Public Ministry” in respect of suspected corruption.

The Post Office (CTT) has seen its shares fall by 2%, while Navigator (pulping) company, Nos (telecommunications) and Jerónimo Martins (Pingo Doce chain) have also all suffered hits.

In the wider sphere, analysts agree “the market is admitting that the question of Covid-19 is not yet completely resolved…”

Portugal is in fact one of the countries where cases are continuing to roll in (346 new ones registered in the last 24-hour period), but this is much more down to intensive testing than any ‘deadly surge’.

Deaths remain extremely low (3 in the last 24-hour period, one over the age of 70, the others 80+).

At today’s Covid-19 press conference, health minister Marta Temido announced the daily reports would be reducing to two or three per week – the next coming only on Wednesday.

In Lisbon, where 300 of the latest 346 cases have been registered, council workers in the urban hygiene department (refuse personnel) have accused bosses of ‘hiding cases’ of infection.

In a letter delivered to Lusa news agency, the workers said: “We know there are cases of Covid-19 in the municipal council of Lisbon (CML) and that the CML is hiding them. We, the workers, are frightened to work. It’s very difficult… there are no tests, and no testing performed on people who either know they are infected, or who have been close to these people” (who are infected).

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