Lisbon shares at a glance outlook - higher, with EDP in focus

Lisbon shares at a glance outlook - higher, with EDP in focus

	Published : Wed, 17 Jan 2007 08:34 By : Agencies Print this Story

LISBON (AFX) - Share prices are expected to open slightly higher after the DJIA extended gains in late trade last night, and this morning's positive performance of Asian markets.

EDP may be in growing focus ahead of its strategy presentation next Monday, dealers said.

Yesterday, the PSI 20 index closed up 22.04 points or 0.19 pct at 11,552.62, after trading in a range of 11,488-11,561.

FORTHCOMING EVENTS:

TOMORROW

-Portugal Dec economic trends

TODAY'S PRESS

-Portugal Telecom minority shareholders form alliance for representation (Journal de Negocios)

-EDP sale of Oni Telecom to Winreason approved by Portugal competition authority (Journal de negocios, Publico)

-Jeronimo Martins to open 90 stores in Portugal, 300-360 in Poland to 2009 (Diario de Noticias)

-Portuguese govt to launch further 200 MW wind farm tender at end 2007 (Journal de Negocios)

-Sonaecom blocked from including PT synergies in bid prospectus by CMVM (Diario Economico)

-BCP to finance Sonaecom share issue to finance planned PT acquisistion (Publico)

MARKET SENTIMENT

-EDP could be focus ahead of its strategic presentation next Monday. Morgan Stanley reiterated its 'overweight' rating and 4.10 eur per share price target on the stock this morning, while Citigroup reiterated its 'hold' stance and 3.75 eur per share price target.

-Sonaecom could also be under the spotlight after the stock declined yesterday on the first day of the subscription period for its bid for Portugal Telecom.

-Portugal Telecom declined little from its levels and remained well above the 9.5 eur per share offered by the Porto-based telecoms group, giving further strength to the argument that Sonaecom will have to raise its bid.

jonathan.gleave@thomson.com

jg/jg/an

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