- Banking sector closed with significant gain despite Supreme court ruling
- In macro news, inflation data was published showing a 3% rise
The banking sector pushed the Ibex to annual highs on Wednesday, after the impressive performance of BBVA, hitting as high as 9,641.9 before finishing 0.78% higher on 9,584.1.
- 11.656,600
- 0,39%
BBVA led the advances after closing 3.15% higher at 6.42 euros. For the second consecutive day, the entity was the best performer of the session. The sector in general was in the mood, with Banco Santander closing 1.72% higher on 5.26 euros. Caixabank also rose more than 1%.
With advances of just under 1% Banco Popular also enjoyed a welcome good performance. Next week sees the arrival of Emilio Saracho as the president of the bank, taking the place of Angel Ron. Bankia was the black sheep of the sector as it fell 0.31% to 0.95 euros. Telefonica also had a good day after rising 1.2% to 9.30 euros.
Outside the stock market, the Supreme Court upheld the European sentencing for the return of funds from the "ground clause" scheme. The related contracts will soon be reimbursed. Bankia's flotation remains a talking point, and it "has opened a seriosu fracture" in the Bank of Spain.
On the losses side, DIA was the wooden spoon of the session after falling 1.48% to just above 5 euros. Mediaset joined it after a 1.41% fall to 11.18 euros and Viscofan also fell 1.4% to 48.2 euros.
OTHER MARKETS
The other European markets all finished with gains. The Ibex was the most impressive of the day however, followed by the French Cac 40, which rose 0.59%, the Ftse 100 which gained 0.47% and the Dax 30 in Germany, 0.19% higher. Wall Street continues its record highs after the speech of Janet Yellen, president of the Federal Reserve.
The CPI for Spain was released on Wednesday for January. It shot up 3%, its highest figure since 2012. However, the figures are owed to the energy and electric sector.
TECHNICAL ANALYSIS
José María Rodríguez, Bolsamanía technical analyst, points out that Wednesday's session from last week, when the index saw a "hammer" form, saw a turning point in which the Ibex has regained 3%.
"Without doubt the most interesting thing we have seen today, in line with what we saw yesterday, is the renewed strength of BBVA stocks," he said.
He also pointed out the performance of Telefonica, which was able to register prices above its resistance since the highs of March. "It's only lacking a little more, and it will push itself above 9.40 euros, in order to be able to say that finally it passes the resistance levels."
