The Ibex looks towarsds 9,800 points driven by Telefónica

At the same time, in Spain, this Thursday's news has been the new avalanche of results, highlighting, in addition to Telefonica, the operator chaired by José María Álvarez-Pallete, those of Bankia, Repsol or Bankinter.

BEHAVIOR IN THE STOCK MARKET

However, the most bullish value was the supermarket chain DIA (+ 10.47%), which profit fell by 88.8% in the first half of the year, to 6m euros from the 54m euros of the same period a year ago. It was followed by the Técnicas Reunidas earnings (+ 6.56%), which cut its profits by 90% in the first six months of 2018, and Telefónica (+ 3.50%), which gained 1.7bn euros in the first semester of the year, which represents an improvement of 8.6% compared to the same period a year ago.

On the other hand, Naturgy (formerly Gas Natural Fenosa) rose moderately (+ 0.69%) after announcing losses of 3,2bn euros until last June.

On the other hand, the 'red lantern' of the session was Bankinter (-4.83%), although it gained 8.4% more in the first half of the year, up to 261.2 million euros compared to 241 million euros for the same period a year ago. Mediaset Spain (-2.35%) and ACS (-1.04%) have followed the fall. Both published their quarterly results on Wednesday, after the market closed.

MORE CORPORATE RESULTS

On the other hand, Repsol (-0.36%) has gained 1.5bn euros in the first semester of the year, 46.4% more than in 2017. This result supposes the best record of a first semester in the last ten years.

In the section on banks, Bankia (+ 0.56%) obtained a net attributable profit of 515 million euros in the first six months of the year, 0.1% more.

In another order of things, it is worth mentioning that Duro Felguera has fallen strongly (-17.71%) this session in the main board after the alert on its listing sent yesterday by the National Securities Market Commission (CNMV).

THE ECB, WITHOUT SURPRISES

However, investors have also followed closely the press conference of the ECB president, Mario Draghi, said rates will remain unchanged, at least until the "summer of 2019".

However, Draghi has shone little in an appearance in line with market expectations. Thus, of the three questions they were planning about the June announcements, the central banker has not moved an inch of the ruling on the rates and has reiterated that they will remain at the 0% historical minimum until "at least during the summer of 2019. "

On the reinvestment policy it has said on several occasions that it "has not yet begun to discuss it," although it has anticipated that the key is "capital." And it has answered one of the three questions they were planning about this July meeting when it ruled that Greek bonds are not eligible "right now" for the 'QE'.

TECHNICAL ANALYSIS

"Let's not kid ourselves, we've just recovered what we lost on Wednesday," warns José María Rodríguez, a Bolsamanía technical analyst. "And practically everything we owe to Telefónica," he adds.

"The Ibex again approaches the resistance of the 9,800 points, although above we have a resistance that is more difficult to overcome: the bearish gap of 9,890 points, and above that there are many resistances up to the 10,050 points, where would happen at this time the upper part of the potential triangle to which we have been referring weeks ago, "explains the expert.

In his opinion, "from Thursday's session we were left with the upward reaction of Telefónica, which after publishing results has emerged strongly upwards, thus moving away from the important support area that it presents in the bullish guideline. support, and by definition important support, goes through the 7.20 euros.Let's see if it is now able to overcome the resistance of 7.8 euros, the last decreasing maximum, "he says.

"As for the banks, they are practically unemployed." The first sign of strength in the financial sector is because Santander exceeds the resistance of 4.81 euros, "concludes the technical analyst.