Cofina Extends Gains Before Joining PSI-20 Index: Lisbon Mover
Cofina SGPS SA (CFN) rose for a fourth day to close at the highest level in almost eight months, as the Portuguese news publisher prepares to join the country’s benchmark PSI-20 stock index on Sept. 24.
The stock climbed 17 percent to 70 euro cents, the highest price since Jan. 19. Cofina has almost doubled since the NYSE Euronext Lisbon exchange announced on Aug. 29 that the publisher would join the index.
Cofina, founded in 1995, has five newspapers, including financial daily Jornal de Negocios, and nine magazines in Portugal. The biggest shareholders include Credit Suisse AG, Caderno Azul SPS and Newshold SGPS, according to data compiled by Bloomberg.
The stock may rise to 76 cents before joining the index, according to Pedro Oliveira, a trader at Go Bulling in Lisbon. “Then we will see if it has enough strength to continue to rise.”
Cofina reported second-quarter revenue on Aug. 30 that beat analysts’ estimates. Sales fell 9.3 percent in the period to 29.7 million euros ($37.4 million).
Cofina and Banif SGPS SA (BNF), a Portuguese lender, will join the PSI-20 index as part of a quarterly review, the NYSE Euronext Lisbon said last month.
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