Portugal Telecom SGPS SA, the country’s biggest telecommunications company, advanced to the highest price in two weeks in Lisbon after Oi SA approved an 8 billion-reais ($4.3 billion) dividend payout through 2015.
The shares climbed 0.2 percent to 3.778 euros, the highest since April 5, at the close of trading after rising 2.8 percent earlier in the day. Portugal Telecom holds a stake of about 15.6 percent in Oi, Brazil’s third-biggest phone company by market value.
“The move is related to Oi’s announcement that it will pay a good dividend,” said Joao Queiroz, a trader at Go Bulling in Lisbon. “The stock is also recovering from recent lows.”
Oi said yesterday it expects net sales to rise 5 percent to 28.9 billion reais this year and to climb to 38.6 billion reais by 2015.