LISBON (Thomson Financial) - Share prices were higher in thin midday trade as Galp gained on E&P news and positive broker recommendations, while blue chips like EDP were also strong.
At 12.15 pm, the PSI 20 index was up 98.48 points at 13,219.16.
Equities opened higher and traded upwards on light volumes to midday, with Galp leading the gainers and most blue chips in positive territory.
Galp gained 0.39 eur or 2.63 pct to 15.20, on news of a minor oil strike in Angola and after a target price increase to 18.0 eur per share from 17.10 by Morgan Stanley.
EDP was also firm, up 0.04 at 4.65, albeit on light volume of around 3.6 mln shares.
Jeronimo Martins gained 0.08 to 5.57, supported by target price hikes from brokers after its bullish investor day on Friday.
Dealers said Nataxis has increased its target on the stock to 6 eur from 5.40 previously, while JP Morgan set a new updated May 2009 target of 6.5 eur, against 6.00 eur previously.
Paper stocks were also among the gainers, with Altri up 0.06 at 5.99, extending Friday's gains on a target price hike from BCP, while Portucel was 0.03 higher at 2.45.
Portucel's parent Semapa was off 0.09 at 9.98.
Mota Engil outperformed its peers, up 0.07 at 5.25 and supported by details of its share buybacks over the last month, which were announced on Friday.
Sonaecom, up 0.05 at 3.89, also outperformed its peers in the telecoms sector, with PT adding 0.03 to 9.41, while PT Multimedia fell 0.10 to 9.38.
Banks were mixed, with BES 0.04 higher at 15.92 and BCP edging up 0.01 to 3.00 but BPI slipping 0.01 to 5.43. jonathan.gleave@thomson.com jg/scl/jrr COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
At 12.15 pm, the PSI 20 index was up 98.48 points at 13,219.16.
Equities opened higher and traded upwards on light volumes to midday, with Galp leading the gainers and most blue chips in positive territory.
Galp gained 0.39 eur or 2.63 pct to 15.20, on news of a minor oil strike in Angola and after a target price increase to 18.0 eur per share from 17.10 by Morgan Stanley.
EDP was also firm, up 0.04 at 4.65, albeit on light volume of around 3.6 mln shares.
Jeronimo Martins gained 0.08 to 5.57, supported by target price hikes from brokers after its bullish investor day on Friday.
Dealers said Nataxis has increased its target on the stock to 6 eur from 5.40 previously, while JP Morgan set a new updated May 2009 target of 6.5 eur, against 6.00 eur previously.
Paper stocks were also among the gainers, with Altri up 0.06 at 5.99, extending Friday's gains on a target price hike from BCP, while Portucel was 0.03 higher at 2.45.
Portucel's parent Semapa was off 0.09 at 9.98.
Mota Engil outperformed its peers, up 0.07 at 5.25 and supported by details of its share buybacks over the last month, which were announced on Friday.
Sonaecom, up 0.05 at 3.89, also outperformed its peers in the telecoms sector, with PT adding 0.03 to 9.41, while PT Multimedia fell 0.10 to 9.38.
Banks were mixed, with BES 0.04 higher at 15.92 and BCP edging up 0.01 to 3.00 but BPI slipping 0.01 to 5.43. jonathan.gleave@thomson.com jg/scl/jrr COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2007 AFX News
