Lisbon shares TFN at a glance outlook

Lisbon shares TFN at a glance outlook

	Published : Wed, 25 Apr 2007 07:50 By : Agencies Print this Story

LISBON (Thomson Financial) - Share prices are expected to open flat to higher after gains in Wall Street overnight were offset by losses in Asia and with investors keeping a close eye on the Spanish market in the wake of yesterday falls, which pressured the PSI 20, dealers said.

Blue chip bank BCP and Banco BPI will be in focus after BCP last night increased its bid for its smaller rival to 7.00 eur per share from 5.70 eur, dealers said.

Yesterday, the PSI 20 index closed down 91.41 points at 12,054.71, after trading in a range of 12,049-12,155, on turnover of about 495 mln eur.

FORTHCOMING EVENTS

TODAY

-Public holiday, market's open

-Mota Engil goes ex-div for 0.11 eur/shr

TOMORROW

-BES Q1 results (before market opens)

-BES press conference (11.00 am)

-BPI conference call (11.00 am)

EARLY, OVERNIGHT NEWS

-BCP raises offer for Banco BPI to 7 eur per share vs 5.7

-Banco BPI chairman to ask board to reject BCP's improved 7 eur/shr offer

-BCP to acquire 80 pct of SCH's BPI stake at maximum 6.45 eur/shr if bid fails

-PT Multimedia shareholders approve start of spin off process

-Galp Energia proposes FY div 30.4 eurocents/share

-Novabase Q1 net jumps nearly 80 pct as all three divisions prosper

-BCP Q1 net 191 mln eur vs 199 mln, beats estimates

-Banco BPI Q1 net surged 30 pct, beating estimates

TODAY'S PRESS

-Portugal Telecom, Telefonica still in talks on Vivo (Jornal de Negocios)

-Granadeiro says PT Multimedia will have independent shareholder structure (Publico)

MARKET SENTIMENT

-BCP and BPI should remain in focus after BCP said it has raised its takeover offer for its smaller rival to 7 eur per share in cash, valuing the target bank at 5.32 bln eur, up from an initial 5.7 eur per share or 4.33 bln eur.

'Since the new offer is below what the market was expecting there might be a feeling (today) that the bid won't be sucessful,' Lisbon Brokers analyst John dos Santos said.

In view of that he added that BCP might drop, while BPI might remain neutral, considering today's Q1 results which were have ry good'.

-Galp will also be in focus after the energy group said yesterday after the market close that its board has decided to propose a full year dividend of 30.4 eurocents per share on 2006 earnings.

-Novabase could also be under the spotlight after the IT services company said net profit climbed 79.4 pct to 2.6 mln eur in the first quarter from 1.4 mln a year earlier as revenues jumped 19.4 pct to 77.2 mln eur from 64.7 mln.

luis.morais@thomson.com

lm/an

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