Galp Energia Rises on Mozambique Natural-Gas Find: Lisbon Mover
Galp Energia SGPS SA, Portugal’s biggest oil company, rose in Lisbon after announcing a “giant natural-gas discovery” in an offshore block in Mozambique in which it holds a stake.
The stock closed up 0.7 percent at 11.075 euros. Galp holds 10 percent in the group that discovered the natural gas. Eni SpA (ENI), Italy’s largest oil producer, has 70 percent.
“Good results from companies in the sector may also be bolstering” the stock, said Pedro Oliveira, a trader at Go Bulling in Lisbon.
Eni’s second-quarter adjusted net income rose to 1.46 billion euros ($1.8 billion) from 1.44 billion euros a year earlier, the Rome-based company said today in a statement.
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