• ECB maintained rates at 0% and its stimulus programme
  • Euro gains speed again and is now above $1.2
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EUROPA PRESS

The Ibex 35 was not able to quell its losing streak on Thursday, although it finished practically flat with a loss of 0.06% at 10,124.9 points. The Spanish index managed to fend off the shove of the ruo following a speech from Mario Draghi, which led the currency above $1.2.

IBEX 35

  • 11.711,800
  • 0,47%

The meeting of the ECB was the big talking point of the week for investors. The body decided to maintain rates at 0%. In his speech, Draghi said he would announce new plans in October, and that the strength of the euro is a ‘source of uncertainty’. At the close of European markets the currency was up to $1.2021.

His words and the strength of the currency was not the cause of the Ibex’s fall, but it did not help towards the end of the day. Cellnex was the best performer with a rise of 3% to 19 euros. Grifols and Acciona followed it by closing 1.4% and 1.2% higher respectively..

On the losses side, banks once again were to blame. Sabadell picked up the wooden spoon as it was down 3.5%, while Caixabank was down 0.39%.

Siemens Gamesa and Bankia completed the lower podium, with losses of 1.08% and 0.85% respectively. The heavyweights also didn’t perform very well: BBVA was down 0.75%; Santander by 0.34%; Inditex by 0.27%. However, Telefonica closed 0.67% higher at 8.9 euros.

Outside of the Ibex, investors also were alert to Liberbank, which tanked 12.37% after being down by more than 25% following its announcement of a 500m euros injection.

OTHER MARKETS

European markets closed higher on Thursday. The DAX 30 was up 0.72%, the FTSE 100 by 0.55% and the CAC 40 by 0.3%. Wall Street was higher at the open but was being scaled back with the strength of the euro.

Oil fell, in the case of Brent that wa sby 0.5% to $53.93, while West Texas was down 0.33% to $49.

TECHNICAL ANALYSIS

Bolsamanía analyst José María Rodríguez points out that today’s session ‘puts us near dangerous levels’.

“The problem is that there appears to be no catalyst to make us bounce with any strength and take us away from the danger zone,” he said.

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