After registering the largest monthly increase ever in October, CTT closed its first trading week in November with the largest weekly increase ever. The company rose 3.55% to € 3,152 on Friday, gathering weekly growth of 12.89%, the highest since the exchange debuted in 2013. For six consecutive weeks, CTT has been growing.
Previously, the highest Thanksgiving week occurred 15 days ago. The biggest weekly devaluation happened exactly two years ago, in November 2017, when the price fell by 27% in one week.
But it should be noted that CTT reached historic lows in August, as shown in the table. That is, these recent highs are restoring lost value. Price has now recovered to January highs. Throughout the year, listed prices are already 7%.
The citation was prompted by investors ’reaction to the Q3 results, which were released on October 30. The profit doubled to € 22.9 million by September, a result that reflects "the company's operational improvement and 321 Crédit's contribution," according to a statement sent by the company to CMVM.
In addition, CTT updated the business savings targets set in the restructuring plan for 2017. The expected volume of savings will be better given the successful implementation of the plan.
2019 is therefore marked by the financial recovery of a company led by João Bento since May, replaced by Francisco de Lacerda at the head of CTT.
In addition to improving the company's performance, the departure of "shorts" has led to an increase in shares. Mutual funds are reducing their stakes to equities, according to CMVM, as Business recently reported.