- Siemens Gamesa was the lowest performer after introducing changes in its board
- Aedas Homes makes its market debut with losses of 4%
The Ibex 35 finished practically flat on Friday. The index was up 0.25% to 10,222 points and finishes the week with a light loss of 0.34%. These numbers give the idea that investors are getting used to the tensions in Catalonia. The Spanish index hardly moved in the last five days despite more events in the region. They appear to have realised that the Catalan issue will not go away.
- 11.656,600
- 0,39%
Meanwhile in Brussels, Mariano Rajoy is receiving support from EU leaders. Angela Merkel and Emmanuel Macron voiced their support for Rajoy in the dispute on Friday. Brexit was also debated at the summit, with Theresa May asking EU leaders to persist with the negotiations, saying that there was a mutual interest to do so.
Siemens Gamesa led the losses on Friday, after tanking 4.33% to 11.27 euros after introducing various changes in its board of directors. Iberdrola, its second biggest shareholder, seemed worried by the management and the profit warning from last week.
In the lower part of the table was also Ferrovial, down 1.63% while Mediaset was down 1.93%. Deutsche Bank lowered the valuation of both firms in a research note on Friday.
ArcelorMittal was on top of the leaderboard. It gained 1.95% after UBS recommended ‘buy’ on the stock. Indra was the second best performer after signing a contract for a new ticketing technology system.
HSBC also marked up its recommendation for Endesa, despite the electric firm being the most exposed to Catalonia. The company closed up 1% to 19.2 euros per share. Abertis was also up 1.2% as it prepares to report its results on Monday.
In the general stock exchange, the Spanish market received a new member with the arrival of Aedas Homes, which debuted with losses of 4.58%.
Prisa was down 2.12% ahead of its results. However, the big day for results will arrive next week when most of the big banks will report their numbers, as well as Telefonica, DIA and Abertis.
TECHNICAL ANALYSIS
Bolsamanía technical analyst José María Rodríguez said: “If we look at the Ibex between the high and the low it is stretching a little in the last two weeks. In theory the price should not take too long to break one way or the other.”
“All things considered even when it breaks upward the key is to check whether it is able to jump with clarity and at closing prices above 10,410 points. Only in this case would it confirm when we can think about the end of the corrective phase.”