Shares in Portugal’s postal service CTT rose on the Lisbon stock exchange as they went on sale for the first time on Thursday. <br /><br />Privatising it was part of the bailout deal with the European Union and International Monetary Fund.<br /><br />By selling 70 percent of the mail service, the Portuguese state benefits to the tune of 580 million euros.<br /><br />There was strong demand for the shares despite declining postage volumes and CTT’s dependency on the Portuguese market.<br /><br />Analysts said investors were keen because they saw potential earnings from the creation of a postal bank. <br /><br />Financial services currently make up eight percent, or 58 million euros, of CTT’s sales and last month the Bank of Portugal authorised it to set up a banking arm if future shareholders opt to do so.<br /><br />The shares were also popular because they come with a dividend.
