The Ibex rises in value a 1.10% this week despite a flat close this Friday

The highest riser has been the airline holding IAG, going up a 1.76%. Telefónica has followed (+1.15%) and Inmobiliaria Colonial (+1.15%). Telefónica, BBVA (+0.25%) and Inditex (+0.00%) have been the blue chips of the Ibex that have closed in green. Meanwhile, Banco Santander has fallen a 0.30% and Repsol a 1.43%.

This way the bank has shown a mixed behaviour after leading yesterday’s rises after the results of Bankinter. The entity led by María Dolores Dancausa has risen in value this session (+1.18%) although not as much as yesterday, after the analysts of Deutsche Bank rose it’s target price to 9 euros (it has finished today at 9.23 euros).

SIEMENS GAMESA LEADS THE FALLS

Nevertheless, the falls have been led by Siemens Gamesa (-1.73%), Acciona (-1.62%) and Gas Natural (-1.33%). This last company has received a negative opinion of its business expectations from Morgan Stanley’s part.

There has also been sales in iberdrola (-0.51%) when this afternoon it has been made known it was renegotiating the refinancing of its debt for 5.300 million to turn it into a green macrofund and Grifols (-0.23%) despite having acquired the 51% of the social capital of the US technology company MadKeeper for 98 million dollars.

MÁSMOVIL AND THE EUROPEAN STOCKS

Regarding the main board, the amazing rise of the production company Vértice 350º (+90%) should be highlighted. It has returned this week after being suspended by the CNMV for almost four years.

Másmovil also rose in value noticeably (+4.76%) and it has even reached historical highs this session. Providence Equity Partners has got an amazing capital gain of 639 million euros. A third of the group’s capitalization. Also the investment fund Fidelity Management and Research (FMR) has bought 5% of the telephone company going over 8% in its capital.

EURO, DOLLAR AND TRUMP

Despite everything, the clear stars this Friday have been three: the euro, the dollar and the president of the US, Donald Trump. He is in Davos where he is talking about all his economic victories. On Thursday he spoke about different frames from Switzerland and his words didn’t go unnoticed.

Taking up a familiar speech Trump told CNBC that the US wants a strong dollar. This goes against his Treasury secretary Steven Mnuchin who also in Davos has said on Wednesday that the weak dollar is good for the US. In the middle of this Mario Draghi whose speech was focused on the risks of the rises of the euro (went over 1.25 dollars last session) didn’t wait to accuse the US of breaking the rules of the game altering the currency markets with constant statements.

So the euro is at 1.2423 dollars while it stays on the lookout of more declarations from Trump. Meanwhile the variable rent, Wall Street shows rises (Dow Jones: 0.37%; S&P: +0.55%; Nasdaq: +0.65%) and Asia has also has also predominated clearly in the rises tonight.

RESULTS SESSION AND MACROECONOMICS

The agenda of the day.

From the business point of view there have been no results in Spain. Although the investors are still on the lookout for the banks after this Thursday’s Bankinter results shot up after publishing a record in 2017 and CaixaBank marked historical highs. The banks are still strong, which is vital for the Ibex. The next Monday 29 of January, Bankia will present its results, Santander on Wednesday, BBVA on Thursday and Sabadell and Caixabank on Friday.

As for the macro references, the US economy went up a 2.6% in the fourth quarter of 2017 less than expected by the analysts who thought it would go up a 3%. The English GDP has gone up a 0.5% in the fourth quarter over 0.4% expected.

TECHNICAL ANALYSIS

“The Ibex closes without changes this Friday with an accumulated rise of 1.1%. We finish the week without going over the 10,600 points” regrets José María Rodríguez, the technical analyst in Bolsamanía.

Although he points out that this doesn’t mean we can’t do it all throughout next week. As we knew the 10,600 level has acted like it is, an important resistance”. “Let’s trust that the euro takes a break in the next days and this contributes to the European stocks and that our index jumps over the resistances once and for all”, says the expert.

“It’s hard to believe that with the strength of the banks and now Telefónica that we are not able to go over this figure and that the Ibex 35 comes tumbling down. BBVA is the one trying to attack and important resistance of 7.8 euros, Santander could go over its 2017 highs (6.14) at any moment and go towards the historical highs (6.57) and Telefónica is looking for a resistance zone that it presents in the 9-9.05 euros”, concludes Rodríguez.