Ibex rises 0.6% this week but still frozen on 8,600

Another flat day for the Ibex after closing one of its calmest weeks that can be remembered in the Spanish stock exchange. Wall Street keeps hitting historic highs session after session (the Dow Jones has risen 4% since Donald Trump's election), while European stocks remain frozen. The Spanish index rose 0.2% to finish on 8,674.40 points, cementing a rise of 0.6% for the week.

Banca Monte dei Paschi di Siena fell 8% in the Italian stock exchange, after approving an extension of capital to the tune of 5 billion euros, a figure almost eight times bigger than its current market capitalisation, which stands at around 650 million euros.

The market remains very much dependent on what happens in Italy, where next week will see a critical referendum on constitutional change proposed by prime minister Matteo Renzi.

In Spain, the latest prices for Telefonica do not convince Deutsche Bank analysts, who have reiterated their recommendation to sell the operator, with a valuation of 8.20 euros. The company fell 0.38% on Friday. Other important fallers in the Ibex were Bankia (-1.7%), Banco Sabadell (-1.5%), Banco Popular (-0.9%), Repsol (-0.9%), BBVA (-0.88%) and Banco Santander (-0.6%).

On the other side of the board, electric companies lit up the Ibex by themselves. Endesa regained 1.3% and now hits all'time highs and the market keeps awarding its increased dividend this week. Another stock that rose on Friday after increasing its dividend was Viscofran (1.6%). The highest riser was Iberdrola (2%), followed by Enagas (1.8%) and Red Electrica (1.7%).

OHL has fallen again on Friday by 2% in the continuous market, accumulating a collapse of 30% in November, owing to doubts from experts about its financial situation. Atresmedia increased 3% after announcing its dividend of 0.22 euros gross per share.

Another important date for the calendar next week is the meeting of the Organisation for Petroleum Exorting Countries (OPEC), until which the volatility of oil prices is likely to continue.

The end of this week however saw the launch of the global shopping frenzy known as Black Friday. In the US, this shopping day is key for retailers, as sales figures give an indication of how strong their Christmas income will be and as a result show the strength of the American economy.

"Despite the session being a carbon copy of previous days, there are signs that we could be moving away from the lower end of the spectrum, the foundation of 8,540 points," said Bolsamanía technical analyst José María Rodríguez.

The expert reiterated that while the Ibex doesn't look like its heading towards the lower base, the possibility of a rebound is on the cards, while pointing out that "high levels of oversold conditions throw the market off for the moment, which in normal conditions are usually synonymous with rebounds."