Portugal outpaces skittish European bourses in relief bounce

viernes 11 de julio de 2014 11:00 GYT
 

* Portugal's top index rises 0.9 pct after Thursday's slump

* FTSEurofirst 300 up flat, posts steepest weekly loss since March

* BES down 3.9 pct after update but not seen affecting other banks

* FTSEurofirst set for worst weekly fall since April

By Francesco Canepa

LONDON, July 11 (Reuters) - Portuguese shares bounced on Friday, outperforming skittish European markets, as investors decided concern over Portugal's biggest listed bank were unlikely to disrupt the country's financial system and affect lenders across the euro zone.

Banco Espirito Santo said late on Thursday losses associated with the founding family and its holding company would not affect the bank. That calmed investor worries about a chain reaction hitting other banks, especially in the euro zone's periphery.

Lisbon's PSI 20 index was up 0.9 percent by 1430 GMT. The pan-European FTSEurofirst 300 index was flat at 1,350.06 points, down 3.1 percent on the week, its steepest weekly loss since March.

Doubts about the financial health of the family who controls BES had pulled Portugal's PSI share index to a nine-month low on Thursday and rocked bourses across Europe.   Continuación...