The Portuguese Securities Commission (CMVM) has published its 2024 Securities Markets Report (available only in Portuguese), reviewing developments across securities markets, trading venues, financial intermediation and asset management. It reports modest gains in Portuguese equities alongside a decline in PSI market capitalisation, with higher trading values in the regulated market and strong growth in public debt and derivatives activity. Against a backdrop of falling inflation in the Eurozone and the United States and the start of interest rate cuts, major international equity indices rose in 2024, including the S&P 500 (25%), Stoxx 600 (9.6%) and MSCI ACWI (19.2%). In Portugal, the national stock market increased by 4% including distributed dividends, while PSI market capitalisation was EUR 68.253 billion, around 16% lower than in 2023, with BCP and CTT up 69.4% and 54.7% among listed companies. Traded value on Euronext Lisbon’s regulated market increased 2.5% to EUR 32.421 billion, with equities representing 99.6% of traded value and broadly stable (-0.1%) while bonds contracted by 14.1%; public debt trading on MTS Portugal rose 38.8% to EUR 51.612 billion. The report also notes growth in cash-market order receipt and execution, particularly from non-resident investors, and a 243% rise in own-account trading to about EUR 1.883 billion focused on instruments with exchange rate and interest rate underlyings; the MIBEL derivatives market recorded a 31% increase in traded volume and a 26.7% year-on-year fall in reference prices. Assets under management rose 7.2% to EUR 85.2 billion, driven by national UCITS (+13.8%) and real estate investment entities (+18.9%), while venture capital continued expanding and securitisation funds’ managed value fell. CMVM notes the edition adopts a new format with more visual data to improve accessibility and navigation.

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