• The Spanish index will try to finish November above 10,000 points
  • The latest falls of the Ibex leave the door open for a possible Christmas rally, although analysts expect it to be 'scarce'
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The Ibex 35 closed in the black on Monday after gaining 0.10% to 10,063 points. Despite breaking through 10,100 points, it eventually deflated. The Spanish index did finish higher however thanks to a push from Iberdrola, which was the second best performer. However, if anything remains clear it’s that the blue chips remain weak at the end of November.

IBEX 35

  • 11.656,600
  • 0,39%

The energy firm was up 1.68%, only overtaken by Mapfre (+2.14%) after the European Commission announced an investigation into an aid system in Spain for coal plants. Iberdrola announced its intention to close two of the plants situated in Lada and Velilla.

The third best performer was Gas NAtural, followed by IAG after the latter announced the purchase of slots of the failed airline Monarch Airlines in London Gatwick.

Cellnex gained 0.60% after Deutsche Bank lifted its valuation 2% to 22 euros per share.

LOSSES AND GENERAL EXCHANGE

On the losses side, DIA was the biggest faller (-2.27%), followed by construction firm ACS (-2.13%) and Inmobiliaria Colonial (-1.46%).

With respect to the general exchange, NH Hotels was up 3.66% to 5.96 euros after Berenberg increased its target price to 6 euros.

OTHER MARKETS

The Spanish index was the only European market to finish higher, as the CAC 40 was down 0.17%, while the DAX 30 fell 0.12% and the FTSE 100 by 0.13%.

In addition, oil will come into the spotlight this week. Considering everything that has happened in recent weeks with Catalonia, tax reform in the US and other macro data, this week will be important due to news for the commodity.

On Thursday OPEC members will meet to decide whether to extend production cuts for another nine months. At the end on Monday, barrel of Brent was down 0.42% to $63.59, while West Texas was down 0.85% to $58.45.

Bitcoin continues to grab headlines as it will not stop its rise to new record levels. After beating high after high the king of the cryptocurrencies is now preparing an assault on $10,000, the next barrier ahead of the end of the year. During the weekend it broke $9000, while the euro also hit a two-month high after German chancellor Angela Merkel appeared to call for a deal to form a government with the Social Democrats.

TECHNICAL ANALYSIS

Bolsamanía technical analyst José María Rodríguez said: “The Ibex 35 appears to be asleep and investors prefer to remain away from it given to the fact that it has not perforated supports of 9,900 or attacked resistances at 10,175 points. As a result even if we were to go above the resistance in the next few days the real resistance can be found at 10,600 points.”

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