Ibex begins 2017 on the front foot and regains 9,400

The Ibex 35 started the year on a positive note after climbing 0.71% to 9,418.70 points in the first session of 2017. In a day where many big markets were closes, investors decided to buy and prolong the good streak for the Spanish stock exchange.

Even though last week confirmed a 2% loss for the Ibex in 2016, it had its best month of the year in December, finishing 7.6% higher. On Monday, several stocks performed well.

Top of the pile was OHL after it rose 11.93%, after Santander declared a stake of 3% capital and that Invesco had exceeded 5%. The percentage declared by the National Commission of Market Values for the biggest shareholders now goes beyond 96%.

In addition, Banco Popular was 3.27% higher after one of its largest shareholders refinanced debt associated with the bank to the tune of 152 million euros. The news did not affect the Financial Times' assertion that it could be in need of a bailout in 2017.

IAG was the second best performer in the Ibex after rising 2.5%. One of its affiliated airlines, Iberia, is close to beginning negotiations with regulatory body ERE for 1,000 employees.

Among the biggest stocks in the exchange, Repsol gained 0.78% and prolonged its impressive streak from the end of 2017, followed by Santander (+0.63%), Inditex (+0.52%), BBVA (+0.41%) and Iberdrola (+0.13%). Only Tecnicas Ruidas finished in the red with a fall of 0.19%.

In the geopolitical sector, once again terrorism has marked the beginning of the year as it did the year before. The weekend's attack on a nightclub in Istanbul left at least 39 dead and put Islamic State back on the front pages.

The markets will not be unaware of this growing problem, which looks likely to continue well into this year. Political uncertainty dominated much of the political sphere in 2016 and it could see a volatile period over the next 12 months. Donald Trump will take over the Oval Office on 20 January, and markets will be attentive to how many of his campaign promises will be brought to fruition.

European PMI figures were released on Monday. In Spain the figure was at 55.3, having previously been situated at 54.5. In Italy it was up to 53.2 from 52.2. In France the figure was the same as the previous month at 53.5.

At a technical nevel, the Ibex is close to the upper level of 9,544 points, the low point it started 2016 with and will have to come close in the next few sessions in order to maintain the positive views of Bolsamania analysts for the opening weeks.