Galp became the most valuable national listed company behind the confirmation of a reserve with 10 billion barrels of oil in Namibia. It overtook EDP, which sees the group pressured by the drop in the cost of electricity, the weight of debt and the spike in financing costs. And it demonstrates that the announced death of hydrocarbons may have been exaggerated.
After all, oil still affects the market a lot. The announcement of the discovery of a large reserve with 10 billion barrels in Namibia led Galp to close this Thursday’s session at a value of 15.62 billion euros, registering an increase in value of more than three billion euros in just four sessions, which allowed it to become the most valuable listed company, dethroning EDP – Energias de Portugal.
Yesterday, EDP closed the session worth 14.61 billion euros and EDP Renováveis 12.92 billion euros. The EDP group is currently in bear market, with drops of more than 20% compared to the last maximum, which was in December. In turn, the PSI is in bull market with growth of more than 20% compared to the last minimum.
In the space of a year, Galp soared 85%, to 19.99 euros, while EDP lost 32.1%, to 3.57 euros, and EDP Renováveis sank 36.5%, to 12.62 euros.
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