The Ibex 35 fell slightly this Tuesday (-0.4%. 7,955 points) after its great bullish rally in recent days, which on Monday even allowed it to go over 8,000 points, although it finally closed below this first technical resistance. The index remains stuck at this level, with Sabadell rising sharply (+ 7%) and BBVA as the stock that falls the most (-2.7%).
- 11.531,600
- 0,50%
The already known as 'vaccine effect' has caused an impressive upward rally in the Spanish stock market, led by banks and the securities most associated with the tourism sector, in addition to companies linked to the economic cycle.
However, analysts remember that no asset goes up indefinitely. The Ibex (+ 2.60%) rose again this Monday, although it did not manage to end the session above 8,000 points.
"The selective managed to surpass these intraday prices, but we must bear in mind that it left an upward gap and that, after rising by close to 24% since the beginning of the month, it offers high levels of overbought that make us think of a high in the road. The first support level is at 7,800 points, "says César Nuez, an analyst at Bolsamanía.
In this sense, the expansion of the coronavirus in the United States and Europe continues at very high rates, which is forcing more restrictions in countries such as Sweden and Germany and in American states such as California. In any case, the support of the central banks and the rotation towards the actions more linked to the economic recovery, due to the hope of the vaccine, is counteracting the negative effect of the pandemic.
At a business level, BBVA and Sabadell continue to be protagonists after announcing that they are negotiating their merger, as anticipated by Bolsamanía at the beginning of September. The 'Basque' entity will avoid carrying out a capital increase to 'eat' the bank chaired by Josep Oliu, thanks to the money obtained from the sale of its US business.
In addition, Santander announced last night the purchase of Wirecard's merchant payments business for 100 million euros.
For their part, the Asian stock markets, led by the airlines, closed with soft gains, in a session with less optimism than that registered in the western markets. Notably, the Japanese Nikkei index has renewed its highs since 1991, while Wall Street closed at all-time highs, with the Dow Jones on the edge of 30,000 points.
In other markets, Brent oil advanced 0.6% to $ 44.08, while the euro increased in value 0.03% and trades at $ 1.1853. For its part, an ounce of gold fell 0.1% to $ 1,885. Furthermore, the yield on the 10-year Spanish bond stands at 0.1% and the Spanish risk premium is trading at 65 points.
