The Ibex drops a 0.16% and distances itself from the 10,200 points in its return from Christmas

The Ibex 35 has started to list again after the Christmas break and it has done so in red. The Spanish selective has closed this Wednesday with a fall of 0.16% and therefore has distanced itself from the 10,200 points and places itself in the 10,165 points. The main Spanish index has started to confront in this way the last sessions of 2017, a year in which it has been revalued a 9% and in spite of the uncertainty and political instability that has marked it.

IBEX 35

11.711,800
0,47%

The electoral hangover in Catalonia after the autonomous elections the past 21-D, has pulled the Ibex to a fall of 1.19% in its last session the past Friday. A situation that has continued in a lesser way this Wednesday.

So the value that has gone up the most this session has been the Inmobiliaria Colonial (+2.14%). Técnicas Reunidas has followed (+2.10%), despite being one of the companies that has suffered the most ‘cortos’. Also the supermarket chain DIA has risen a 1.69% because of the rumours that it may expand its partnership with the US giant Amazon.

On the other hand, the falls have been led this session by Mediaset (-0.66%), BBVA (-0.50%) and Indra (-0.48%).

FALLS AND THE CONTINUOUS MARKET

The other big fishes of the Spanish selective have also dropped: Banco Santander dropped almost a 0.38%; Inditex a 0.19%; Repsol 0.17% and Telefónica a 0.23%.

As for ‘teleco’, it has been brought to the spotlight this session after its president José María Álvarez-Pallete, strengthened his position in the company with 121,000 shares in this last session.

On the other hand, the rest of the bank sector, that holds a lot of importance in the Spanish selective have also ended Wednesday with falls (Banco Sabadell: -0.42%; Bankinter: -0.05%; Bankia: -0.27%), except CaixaBank (+0.08%).

As for the continuous market, the rise in 1.44% that Hispania Activos has experienced should be highlighted. This happened after being known that it has signed a deal with Grupo Barceló for the acquisition of the 24% of Bay Hotels & Leisure (BAY).

OTHER STOCKS

The rest of the European stocks have also returned after the break and have cone up a 0.2% average. So the analysts of Link Securities have predicted a week “relatively calm in the European stocks, in which the main activity probably comes from the movement of the great funds in the closing of the exercise”. Nevertheless they hope that “the Spanish stocks, punished last Friday after the elections in Catalonia went to the independence block, still has a lot of political uncertainty, at least until it has a new regional government” they assure in their report on Wednesday.

Regarding Wall Street, unlike their first post Christmas session yesterday, this Wednesday they list the Spanish market’s close with rises of 0.15%.

MACROECONOMIC REFERENCES

On the other hand, this Wednesday the Bank of Spain has revealed its trimester report on the Spanish economy. The institution points out that the GDP rate growth in Spain during October-December has been similar to the third trimester of the year, placing itself in the 0.8%, thanks to the strengthening of the exports market and has counteracted the adverse effects of the rise of political uncertainty because of the Catalonia issue.

Also it has been made known that the sales of the retail market has risen a 2.9% in November compared to last year’s November that coincided with Black Friday and Cyber Monday, according to the data published by the Instituto Nacional de Estadistica (INE).

On their part, the US it’s expected that the sales of pending housing growth rate of November goes over 3.5% from the past month to negative levels of -0.5%. Also its being made known the consumer confidence of the Conference Board, that could go down lightly but that in any case could follow historical high levels.

TECHNICAL ANALYSIS

José María Rodríguez, technical analyst of 'Bolsamanía', assures that “there isn’t much to say about this session of the last week of the year in our index”, since it has passed “without pain or glory”.

“If we hold on to short term, there is the feeling that maybe it could be taking the shape of a small triangle (waning maximums and waxing minimums)”. “Or better said, said control zones of the short term we have them at 10,100 point below (support) and 10,300 above (resistance), says the expert.

Also, its brought to attention that there are only two sessions left to close 201 and “it doesn’t look like the market is going to move a lot more”. “The market has been on holidays a long time” he assures, from what he can remember, “actually the key control references are still intact, the 9,900 points of support and the 10,600 of resistance”.

“It's just over the 10,600 points that we will have a before and after in our index. In the meantime more of the same, laterality without a clear direction”, he concludes.