The Ibex 35 has lost the 9,600 points in a session marked by the stock market crash of Inditex. The selective has come to fall to 9,502 in the worst moments of the day, but has recovered positions in the final part of the day, to close with a fall of 0.39%, up at 9,569.50 points
- 11.841,100
- -0,71%
Black Wednesday for Inditex (-5.66%) after losing the support of Morgan Stanley, has been the highlight of the Ibex. The investment bank has downgraded its recommendation from 'hold' to 'underweight' and the target price from 26 euros to 21 euros, since it has questioned its business model. On Tuesday, Amancio Ortega's company already lost 1.8% in the wake of a negative report from RBC Capital Markets.
In addition to Inditex, DIA (-1.15%) and Meliá Hotels (-0.99%) were the least profitable securities of an Ibex in which most securities closed positive, although with moderate gains. Colonial (+ 1.46%), Cellnex (+ 1.05%) and Grifols (+ 0.97%) were the most bullish.
Among the large stocks, BBVA (+ 0.78%) was the most bullish, after Moody's confirmed its long-term debt rating, with a stable outlook, due to the "resilience" of its credit profile to "deterioration" "of the operating environment in Turkey. The support comes after the rating agency downgraded the rating of Garanti, Turkish entity of which the bank holds 49.85%. After BBVA, Iberdrola rose 0.4%, followed by Repsol (+ 0.21%) and Santander (+ 0.06%).
In the main board, Abengoa has fallen by 6.8% after the National Securities Market Commission (CNMV) warned that if the 'split' (stock split) rises at its extraordinary general shareholders meeting, it will study if this measure "could constitute an assumption of market manipulation".
TECHNICAL ANALYSIS OF THE IBEX 35
"The closing of the session on Wednesday was not so bad after all, because at the worst time of the day and with Inditex falling 8%, the index dropped slightly more than 1%, clearly far from the minimum of the day, also drawing us a small 'hammer' ", explains José María Rodríguez, an analyst at Bolsamanía.
"Telefonica has set a minimum of 7.215 euros, coming dangerously close to the support of 7.16 euros (annual minimums) but closes also close to the day's highs, although the operator has managed to save the rate for the minimum. And little else can be said of an index that is placed in no-man's zone, halfway between the critical support of the 9,327 points (annual minimums) and the significant resistance we have in the downside of the 9,750 points, "he adds. this expert.
"The black sheep of the day has been Inditex, which has been the culprit that our selective finished in negative." Technically, at the moment there is no significant deterioration of the chart as the title has begun to recover positions from the level of adjustment / retracement between 50% and 61.8% retracement of the last previous upward momentum, which led to the quote from 22.7 to 30.30 euros. For the moment it is a normal adjustment. but that falls within the normal parameters ", concludes Rodríguez.
