The Ibex strengthens the 9,800 points and closes in a two-month high

Another day in which the Ibex 35 has closed above the 9,800 points, although this time it has done it in a two-month high. The selective has ended the day with a rise of 0.54% to 9,857 points. The Spanish index wants to leave behind this level to lead the way to its next resistance, the 10,200, but it is complicated given its low strength.

DIA was the value that registered the highest rise in the Ibex 35. The supermarket chain has been revalued by 5% to 3.74 euros, while waiting for the shareholders meeting to be held this Friday. DIA has accumulated a 6% increase so far this week.

In the upper part of the table has been accompanied by the two selective steel companies. On the one hand ArcelorMittal has risen 4.14%, to 28.17 euros, meanwhile, Acerinox has advanced 3.58% to 12.14 euros. Also worth mentioning is the 0.74% increase in Mediaset while waiting for the results of the first quarter to be published this Thursday.

On the other hand, Viscofan has been the red lantern of the session with a fall of 1.67% to 55.9 euros. Closely followed by Grifols, which fell by 1.66%. On the side of the falls, it is necessary to point to Inditex that, although on Tuesday was one of the best values, this Wednesday it has returned to red after yielding 0.87%, but has been able to keep the 25 euros.

In the main board, Nueva Pescanova has risen by 7.2% after Abanca has doubled its participation. Abanca explains the increase in its support to the food group as "key to generating employment." On the other hand, OHL has risen 0.25%, although this Wednesday it has been known that theere will affect "an important part" of the 400 workers of its central offices.

It has also registered a significant Ezentis raise, from 2.54% to 0.76 euros. The telecommunications company has announced that its Brazilian subsidiary, Ezentis Serviços, Engenharia and Instalação de Comunicações, has achieved an award in Brazil for an estimated 220 million reais, equivalent to approximately 54.9 million euros, which will be a duration of three years.

OTHER MARKETS

The rest of the stock exchanges of the Old Continent have also closed with increases. In the case of the FTSE 100 in London, the advance was 1.3% and has benefited from the fall of the pound against the euro and against the dollar. The pound is changed to $ 1,422 and the euro is changed to 0.87 pounds. On the other hand, the CAC 40 has risen 0.5% and the DAX 30 of Germany has closed with a rise of 0.09%.

Meanwhile Wall Street is trading with moderate increases of 0.3% on average, after the Nasdaq on Tuesday revalued 1.7%, pushed by Netflix. This Wednesday has presented results Morgan Stanley, which has registered a 38% higher profit, and IBM, which has presented some accounts that have not liked the market and falls 6% in the stock market.

On a more macroeconomic level, the International Monetary Fund has asked Spain to reduce the deficit and collect more for VAT. Its new forecasts suggest that the debt will be at 96.7%. On the other hand, Moody's has raised the rating to all Spanish autonomous communities except Catalonia. In addition, at the macro level, the UK CPI for March falls to 2.5%. On the other hand, the March CPI for the Euro Zone fell to 1.3% from 1.4% (the core CPI remained at 1%).

TECHNICAL ANALYSIS

"Good closing of our index that, finally, is placed over the 9,800 points with clarity", points José María Rodríguez, technical analyst of Bolsamanía. Now the next resistance is found in the 9,940 points, the March maximum. And above and over we have the 10,210 points, the weekly bearish hole at the beginning of February.

As for the 'blue chips' "we are still waiting for Telefónica to overcome the resistance of 8.25 euros and set course once and for all to the resistance of 8.60 euros," says the analyst. Meanwhile the banks are taking over, with Santander and BBVA at the head, and the steelmakers (Arcelor and Acerinox). "However, I am left with the strength of the Dax and Euro Stoxx 50 futures that on Tuesday overcame significant resistances and that, far from taking a break, it continues to climb positions," he adds.

So much so that since the end of March accumulate a revaluation close to 8%, quoting already far from the key supports, the minimum of Holy Week. From what can be deduced that, punctual corrections aside, everything points to Europe looking in the coming weeks to recover everything lost by heading to annual highs. "I want to think that at some point the Ibex will be infected by the strength of its neighbors and recover that gap that today exists between the large European indexes and ours," explains José María Rodríguez. In any case "the really important thing is that everything points to the scare lived from the end of January to the end of March has been a correction (something deeper than usual) within an impeccable uptrend bottom trend that today remains intact, "concludes the analyst.