- Aena was the worst performing stock on Wednesday
- Banking sector hampered the Ibex after malpractice found by regulatory body
- Only five stocks finished higher
A red day for the Ibex 35, after beginning with rises to 9,606 points it fell back once again and closed with a loss of 0.88% to 9,477.2 points. Aena and the banking sector were the main hampers for the Spanish index.
- 11.656,600
- 0,39%
Aena was the worst performing stock for the vast majority of trading on Wednesday, after posting its earnings report for 2016 on Tuesday after the market closed. It fell 2.94% to 133.7 euros, despite reporting a 40% increase in its profits yesterday.
Melia Hotels, which fell 2.22%, and Caixabank with a fall of 2%, accompanied Aena in the bottom section of the table. The banking sector was one of the worst industries on Wednesday, due to the Catalan bank and the performances of Santander and BBVA. Ana Botin's bank fell 1.87% after it was demanded to return 500,000 euros to a couple of acquired stocks in the banl. BBVA dropped 0.5% to 6.20 euros.
Regulatory body Comisión Nacional del Mercado de Valores (CNMV) made a surprise visit to Spanish banks on Wednesday and ruled that there was "malpractice" in the sale of certain products.
On the gains side, only five stocks finished higher. Bankinter regained 0.73% to 7.28 euros, Amadeus rose 0.4% to 44 euros, while Enagas was 0.17% higher. Acciona and Abertis rose lightly by 0.1% and 0.007% respectively.
FISCAL RESULTS KEEP COMING
The session saw the publication of Iberdrola's earnings report. Its profit was 11.7% higher than in 2015. However, it also posted a dividend of 0.31 euros and committed ro raising it by 30% in 2020. Its shares fell 0.43% to just above 6 euros.
OTHER MARKETS
A mixed bag throughout Europe on Wednesday. In France the Cac 40 rose 0.15%, the Dax 30 gained 0.26% and the Ftse 100 gained 0.38%.
On the other side of the Atlantic, Wall Street appeared to be taking time to catch its breath after opening in negative, but the Dow Jones quickly got back on its feet to hit another record high.
From the macro point of view, the German IFO business climate in February was better than expected (111 against 109.6) while the IFO current value rose to 118.4. GDP of the UK registered an inter-annual rise of 2% in the fourth quarter, while eurozone inflation grew 1.8% in January, the highest in four years. In the US, the minutes of the most recent Federal Reserve meeting will be released later this evening.
TECHNICAL ANALYSIS
José María Rodríguez, technical analyst from Bolsamanía, has pointed out that the Ibex experienced important falls on Wednesday.
"This correction leaves us at the resistance zone of 9,623 points, the highs of January," the expert said. "Each time we surpass this level sales enter the market with any type of disguise."
