In September 2005, the PSI-20 share index gained 3.5% on the previous month, reaching 8,088.64 points. Total turnover on the Secondary Spot Markets was 16,401.7 million Euro, an increase of 52.4% on the previous month. This positive variation was above all due to the growth of the MEDIP (63.4%) and the stock shareholder market (51.1%). In contrast, the value of trading on Non-Regulated Markets fell by 30.3%.

Annualised volatility was up 1.2% on the figure for August 2005, however, in accumulated terms it remained below the average level registered in the same period of 2004.

Overall stock market capitalisation was up 8.5% on the figure for August of this year, and these gains were particularly salient on the Non-Regulated Markets (+16.8%). On the Regulated Market, the most important development was the growth in stock market capitalisation in the Share (8.8%) and Bond (8.4%) segments, and the fall in capitalisation in the Warrants segment (-34.4%).

On the Forward Market, the value of transactions in futures contracts rose significantly in September. However, in accumulated terms, there has been a 49.5% decrease in turnover since the start of 2005.

In the Undertakings for Collective Investment in Transferable Securities industry and the Special Investment Fund industry (data relate to the month of August 2005), the value of assets managed rose by 1.6%, and the recent trend which had seen growth in the number of funds continued (2 more than in July 2005). The average size of securities managed grew from 109.3 million Euro in July 2005, to 110.2 million Euro in August.

As regards the real estate fund industry (data relate to the month of August 2005), the monthly Net Asset Value of Funds was up 1.2%, and the number of active funds increased by 1.

PSI-20 Index

Table 1 –PSI-20 Index (Values and variation)

Table 2 –PSI-20 Index (Volatility)

Legend:
(1) Annually adjusted volatility = standard deviation of daily returns x v 250
(2) Price Range % = (Maximum-Minimum) / Minimum. Maximum and Minimum refer to closing prices.

Table 3 –PSI-20 Portfolio(month end)

- Spot Market: Turnover and market capitalization

Table 4 – Turnover in the Spot Secondary Market (Monthly Values)

Unit: 10^6 Euro

Legend:
(1) EasyNext Lisbon was created in October 2004
(2) PEX was created in September 2003.
(3) Figures are provisional and are taken from the Dathis database, referring only to listed Securities. Data refers to turnover.

Table 5 – Turnover in the Spot Secondary Market (Accumulated Values)

Legend:
(1) Structured Market was created in October 2004.
(2) PEX was created in September 2003.
(3) Figures are provisional and are taken from the Dathis database, referring only to listed Securities. Data refers to turnover.

Table 6 – Extraordinary Sessions

Table 7 – Market Capitalization (Euronext Lisbon)

Unit: 10^6 Euro

- Forward Market

Table 8 – Turnover in the Forward Market (Monthly)

Unit: 10^6 Euro

Legend: (1) Amounts determined based on the business price

Table 9 – Turnover in the Forward Market (Accumulated)

Unit: 10^6 Euro

Legend: (1) Amounts determined based on the business price

- Asset Management: CIS and Property Investment Funds

Table 10 –Asset Management (Data refers to the previous month)

Legend: CIS (Collective Investment Schemes) = Collective Investment Undertakings in Transferable Securities and Special Investment Funds.

¹ The data contained herein is from Dathis, Euronext Lisbon, MTS-Portugal, OPEX and the CMVM (CIS and Property Investment Funds). The information refers to 2005-09-01. The monthly variation (Δ monthly) refers to the comparison between the month being analysed and the previous month, annual variation (Δ annual) the month being analysed and the homologous one, and in the year variation (Δ in the year) variation value at the end of the current month and the end of the previous year.