Ibex falls before Yellen and Draghi act

The Ibex 35 has distanced itself from the rest of the European stocks and has closed the session with losses of 0.32% to 10,288.30 points. On the other hand, the rest of the large stocks of the Old Continent have ended the session with moderate earnings. All of this waiting for the Federal Reserve (wednesday) and the European Central Bank (thursday) to update their monetary policy.

IBEX 35

11.473,900
0,33%

All in all, the main character this Tuesday has its own name and it’s none other than Bankia (-2.6%). The government announced a placement of 7% on the entity. This morning it has been known that there has been a share price of 4.06 euros, which means a discount of a 2.7% regarding the closing price this Monday. The total of the sale has risen to 818m, which has generated 119m euros in losses. After this operation, the state reduces its participation from 67.63% to 60.63%.

Aside from Bankia the main burden for the Ibex has been Inditex (-1.6%). It presents results this Wednesday and its numbers will be revised with special care because of three symptoms: the elevated temperatures in autumn in 2017, the impact of the currency effect and Spain’s political instability. Other lower values in the Ibex have been CaixaBank (-1.4%), Meliá Hotels (-1.3%) and Técnicas Reunidas (-1%).

On the positive side of the index, Indra has been the highest value after its recent falls with a rise of 2.7%, followed by Aena (+1%), Grifols (+0.7%) and Amedeus (0.6%). In the continuous market, Prisa (+4.8%), Pescanova (+4%) and Almirall have been the most profitable values.

DATA OF THE DAY

Regarding the data of the day, the agenda has brought this Tuesday some references of interest. In the UK the november CPI has been published and it has risen a 3.1%, which links four months of rises. Also, in Germany the november ZEW has been released and has informed that the investment trust resists, for now, the political uncertainty.

In Spain, the housing trade has gone up a 16% in the third trimester compared to the same time last year, up to 121,561 houses. It’s the highest number since 2008. In the global calculation of the last 12 months, the real estate transactions rose to a total of 515,643, a rise of a 15.8% in comparison to last year.

In the commodities market, Brent petrol has marked new annual highs over 65 dollars after the close of a pipeline in the North Sea, that has caused a significant reduction of the market’s supply. Nonetheless, at the close of the European markets the crude Brent has swung and fell 1% down to 64.05 dollars.

TECHNICAL ANALYSIS OF THE IBEX 35

“Second session of light falls in the Ibex 35 that really don’t mean much. In principle, it looks like the rising gap of past Friday’s session can work as support to try and restructure the rise again with the only objective of getting closer to the real resistances: The maximums of 10,600 points in November”, explains José María Rodríguez, analyst in Bolsamanía.

“But closing this rising gap in 10,262, points wouldn’t change the stage much, due to the fact that it could look for a supporting zone that it presents in the 10,200 points, the base of the rising gap in which the index finds itself since the November minimums” adds the expert.

“In any case, and who we have said in previous sessions/weeks, only over 10,600 points will be have a before and after in the Ibex 35 in terms of half term. In the meantime, we only have narrow erratic movements rising and falling inside an index that has been dripping downwards for 8 months”, concludes Rodríguez.