Ibex closes flat, unable to hit 10,400 points

The Ibex 35 closed another session below 10,400 points thanks to slight gains of only 0.02%. The session was marked by the news that the Civil Guard is entering in the headquarters of several companies, such as OHL, Indra and Urbaser, In fact, the construction firm fell 8.94% while the consultancy firm led the losses in the Ibex with -2.24%.

On the gains side, ArcelorMittal rose 1.87% thanks to the details released for demand for steel in China. Viscofan was 1.28% higher and Cellnex was the third best performer with gains of 1.48%, after a Buy recommendation from Deutsche Bank, which showed a target price of 19 euros from 15.5 currently.

BBVA was one of the heavyweights of the index which rose on Thursday. The rest of the blue chips such as Iberdrola fell and was among the biggest losers with a drop of 1.67%. Inditex fell moderately and the shares of Santander, Telefonica quoted flat. Along with Indra with a fall of 2.24%, Enagas made up the top three fallers, dropping 1.43%.

European markets were also flat, except for the CAC 40 in France which gained 1.66% after closing with moderate losses on Wednesday, with the market now discounting a victory for Marine Le Pen.

Continuing with an eye on politics, tensions between the US and North Korea continue after secretary of state Rex Tillerson said on Wednesday that the US will keep looking for ways to pressure the Pyongyang regime. At the same time, he accused Iran of “alarming provocations” towards countries in the East.

Finally, finance ministers from the G20 and central bank governors will meet in the US, where the IMF and the World Bank begin their spring meetings. Christine Lagarde, managing director of the IMF, and Jim Yong Kim, president of thr World Bank, will speak in front of the media. Bank of England governor Mark Carney will also speak.