Soares da Costa Jumps on Angola Interest Report: Lisbon MoverHenrique Almeida
Grupo Soares da Costa SGPS SA rose the most in more than 18 years after Jornal de Negocios reported that Angolan investors are interested in buying a stake in Portugal’s third-biggest publicly traded builder.
The shares rose 33 percent, the biggest one-day jump since November 1994, to 24 euro cents, bringing the advance this year to 85 percent. That gave the Oporto-based company a market value of 38.4 million euros ($49.6 million). Trading volume was almost 15 times the three-month daily average.
A group of Angolan investors is interested in buying a stake in Soares da Costa, Jornal de Negocios reported today, citing an unidentified person in Luanda, the Angolan capital. Soares da Costa Chief Executive Officer Antonio Castro Henriques wasn’t immediately available for comment.
Soares da Costa is among Portuguese builders making inroads in emerging markets such as Angola, while the government in its home country cuts spending to comply with terms of a 78 billion-euro bailout from the European Union and International Monetary Fund. The company’s sales in Angola climbed 8.6 percent last year to 353.5 million euros while revenue in Portugal dropped 28 percent to 236.5 million euros.
“There is talk about Angolans taking a stake in Soares da Costa,” said Jose Novo, a trader at Orey iTrade in Lisbon.