The Ibex 35 chains another session in green. This Wednesday it rose 0.24% and recovered the 9,300 points (9,306), but is still weak. The selective has been driven by Inditex, which has led the advances and has been able to cope with the fall of Telefonica, which has been weighed down by unfavorable reports.
- 11.473,900
- 0,33%
On the side of the increases, Inditex was the best value with an advance of 4.11% to 26.57 euros. The textile company has presented the accounts of its first fiscal semester and has reported that sales have exceeded 12,000 million euros, for the first time in a semester, thanks to a rise of 3%. Profits have also improved by 3% to 1,409 million euros.
The market has been boosted by the company's data, although at the beginning it has started with significant drops. Analysts have explained that the results of the second quarter have not met expectations and have regretted that Pablo Isla, its president, has only talked about the sales growth overlook in the second half and not about the previous season or the present quarter.
In the upper part of the table we also find ArcelorMittal, which has risen by 2.71%, and Repsol, which has risen by 2.3%. This Wednesday we must highlight Ténicas Reunidas, which has risen in value 0.92% after it was known that T. Rowe Price, the great American fund, bought 3% of the company .
On the other hand, Naturgy and Siemens Gamesa were the 'red lanterns' of the session with a fall of 2.43%; and Endesa (-1.67%). Mediaset continues in red after its breakthrough, of 9.8%, last Monday amid rumors of a takeover by its Italian parent. This Wednesday it has fallen 1.36%.
However, on the side of the falls, Telefónica has been the main protagonist. The 'teleco' has fallen, finally, 1.62%, but throughout the day it managed to go down 2%, being the value that has burdened the selective. In fact, when it has begun to reduce its falls the Ibex has started to rise.
Telefónica has received a rating from JP Morgan and Goldman Sachs. The first cut its target price to 6.2 euros, below the 6.7 euros in which it closed on Wednesday. For its part, the US investment bank Goldman Sachs recently lowered the target price of Telefonica to 7 euros.
OTHER MARKETS
The rest of the stocks of the Old Continent have also closed in green. The CAC 40 of France has gone up 0.98%; the FTSE 100 in London, 0.45%; and the German DAX 30 0.57%. For its part, Wall Street is trading with mixed signs, the market is still waiting cautiously, in the midst of a commercial war, for the outcome of the tensions led by the United States and China.
In the commodities market, oil is rising strongly, driven by worries over the world's crude supply. The barrel of West Texas, reference in the US, rises 2.21% to $ 70.84. In the currency market, the euro appreciated 0.16% against the dollar, to 1.16.
In Europe, we talk about Brexit and the future of Theresa May. According to the BBC, some members of the British Conservative Party met on Tuesday to discuss how and when they could force the PM to resign.
Thee president of the European Commission, Jean-Claude Juncker, has delivered a speech on Wednesday on the state of the Union. Juncker has urged to complete the banking union before May 2019. He has also referred to immigration and nationalism and has said it is "a dangerous poison".
Back to Spain, the state deficit up until July stood at 1.49% of GDP (0.3 points less), to 18,080 million euros, according to data from the Ministry of Finance. This means duplicating the objective that the Central Administration had set for 2018, at 0.7% of GDP.
Regarding the macro data of the session, the CPI of Spain increased 0.1% in August compared to the previous month. For its part, the industrial production of the Euro Zone has fallen by 0.8% in July.
TECHNICAL ANALYSIS
Third consecutive session in which our Ibex 35 collides with the resistance zone of 9,300-9,330 points, before significant resistance. "The truth is that, as expected, this price level is acting as a resistance, if it is overcome, it does not mean that the corrective phase is over," says José María Rodríguez, technical analyst at Bolsamanía.
"Simply that the bounce started this week may have continuity, but nothing more." He adds. In fact and as you can see in the attached daily chart the decreasing maximums and minimums are still there, intact. So that to have a first sign of real strength, beyond the specific rebounds resulting from the accumulated oversold, "we need to have (at least) a first increasing maximum". And for this we need to overcome the resistance of 9,671 points. Meanwhile, everything is up and down within an intact corrective phase. Again, the focus is on Telefónica. "The operator has drilled the Brexit minimums (6.66) and is trading at levels not seen since August 2012," concludes the expert.
