- Worst stock in the Ibex 35 was Mapfre after announcing the impact of disasters on its accounts
- General stock exchange sees big losses for Abengoa and Duro Felguera
The Catalan problem continues to hold the Ibex 35 back, as it fell 0.26% on Tuesday to lose 10,200 points. The Spanish index closed at 10,189 points.
- 11.473,900
- 0,33%
The uncertainty provoked by the Catalan referendum was enough to provoke further losses. If the analysts have anything clear it is that the issue will not come to an end on 2 October, but really begin. At the same time, there is a conviction of the government and the region that they will arrive to an agreement in the short term and they will negotiate. In this context, JPMorgan advised against direct investment in Spain. “It is better to buy Portuguese debt,” the investment bank said.
MAPFRE, BOTTOM OF THE TABLE
The worst performer in the market on Tuesday was Mapfre, which fell 2.58%, after it announced yesterday that recent hurricanes and earthquakes in Mexico would have a negative impact on its results. The company confirmed the disasters would leave it with a net profit of between 150 and 200 million euros.
Just above it was Aena, which was down 2.3%. The market punished the resignation of president José Manuel Vargas, who cited personal reasons. Big stocks such as Telefonica (-0.34%), BBVA (-0.27%), Iberdrola (-0.24%) and Santander (-0,14%) also fell on Tuesday.
On the gains side, Cellnex rose 1.234% and was followed by (+0.86%) and Red Electrica (+0.71%)
LOSSES CONTINUE FOR ABENGOA AND DURO FELGUERA
In the general stock exchange, there were losses for Abengoa and Duro Felguera. The first fell 10.81% after announcing the postponement of its results after a judicial sentence against the restructuring of its debt. The latter was down 11.48% after a complaint was made against it by an anti corruption body in relation to bribes in Venezuela.
Other European markets were down as well, with the FTSE 100 down 0.33%. In the US, Spanish president Mariano Rajoy meets with Donald Trump on Tuesday.
More tension has arrived in relation to Trump’s administration and North Korea. Pyongyang had accused the US of declaring war against it, which was rejected by the White House.
TECHNICAL ANALYSIS
José María Rodríguez, technical analyst at Bolsamanía, said that “in reality we can’t add anything new to what we’ve said in recent sessions. The downward trend continues, and we are going to see the upper gap of 10,130 points acting as a support.”
The expert added: “As resistance, although far away at the moment, the most immediate we see is at 10,410 points. Careful with going through that base as we could see a clear acceleration towards a corrective phase.