Lisbon shares at a glance outlook - lower after Asian sell off |
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Wed, 10 Jan 2007 08:51
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LISBON - Share prices are expected to open lower after yesterday's outperformance against Europe, as heavy falls on Asian markets offset last night's partial recovery from lows on Wall Street and lower crude prices, dealers said.Yesterday, the PSI 20 index closed up 41.86 points or 0.37 pct at 11,351.03.EARLY/OVERNIGHT NEWS-Finibanco to carry out 1-for-6.6 rights issue at 2 eur per share-CMVM rejects criticism of Investifino's Soares da Costa bid - sourceTODAY'S PRESS-CMVM rejects PT's request to block approval of Sonaecom's bid for PTM (Journal de Negocios, Diario Economico, Diario de Noticias)-Sonae sells private health care bussiness to Jose de Mello (Diario Economico, Publico)-Portuguese govt launches 100 mln eur Lisbon inner ring road tender (Diario de Noticias)MARKET SENTIMENT-Impresa could find support from Banif's decision to reinitiate coverage on the media group with a 'buy' rating and a 5.30 price target.-EDP in focus after UBS gave the stock a price target of 3.65 eur and a are asonable range of valuations' of 3.3-4 eur per share. The bank noted that the stock is cheap on its current multiples and has a lower exposure to risks to Spanish utilities regarding regulation and a potential decline in power prices.The broker noted, however, that EDP's growth profile is too dependent on wind power, and added that it faces a lack of strategic alternatives to growth expect for 'large scale consolidation'.-Mota Engil could see profit taking after closing up sharply up over 5 pct, extending the previous day's gains of over 3 pct. Gains were supported by UBS' decision to raise its target price for the stock to 6.2 eur per share from 6.1 to reflect the news of the payment of part of the Angolan authorities' debt and the upcoming IPO of its Martifer affiliate.jonathan.gleave@thomson.comjg/jg/lm/jg/anCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Asian tigers all set to overtake European giants 