Oil crash wipes 6% off Galp shares

 In News

Oil and gas company Galp saw its stock fall 6% on the Lisbon Stock Market on Tuesday as world oil prices plummeted into negative territory for the first time in history.

On the day after WTI crude was trading in the red, Galp, which is led by Carlos Gomes da Silva, saw shares fall 5.56% to €9.064 per share.
Petroleum prices have been under immense pressure after having lost all value and trading in negative territory. On Wednesday the price of oil picked up by 114.32% to US$5.39 per barrel. North Sea oil (Brent) fell 23.86% to US$19.47 a barrel.
BP lost 3%, Repsol fell 5.66% and Royal Dutch (Shell) was down 4.76%. Overall Portugal’s PSI-20 closed the session down 2.27% across the board to 4.035,94 points with just one of the 18 listed companies trading in positive territory.
The biggest falls were registered by construction company Mota-Engil which fell 7% to €1.092 per share after having cancelled its dividends payout to shareholders, and also BCP whose shares sank 5.6% to €0.092.
CTT fell 5%, NOS 2%, Navigator 1.90% and Altri 1.85%. EDP and EDP Renováveis lost 1.5% and 0.43% respectively on the same day that the wind turbine energy supplier signed a new energy purchase contract with Royal DSM for the sale of electricity that will be produced by a portfolio of 59 MW1 of renewable energy.
The exception was Corticeira Amorim whose shares gained inn value by 0.23% to €8.71.
The majority of activity sectors were down, especially raw material and petroleum product producers.