Ibex breaks its losing streak with a rise of 0.17%

The Ibex finished the day with gains to break its losing streak of four losses on Wednesday. Specifically, the index rose 0.17% to 9,330.8 points, even though it had been experiencing slight losses all day. BBVA picked up the wooden spoon for the day after publishing its results.

BBVA fell 1.39% to 6.1 euros. It reported a that profits had increased 31.5% compared with last year to 3.4 billion euros. The results of Spanish banks will finish this Friday with the earnings reports of Popular (-1.15%) after Caixabank reports on Thursday.

BBVA was joined in the lower part of the table by Enagas after dropping 1.3%, as well as Gas Natural by 1.21%. With respect to the blue chip stocks, Inditex and Telefonica closed with losses of 0.02% and 0.36% respectively. Banco Santander closed with rises of 1.11% to 5.2 euros.

Repsol also finished higher by 0.04% to 13.6 euros. The rise was helped by the publication of the inventories of the US, which increased by 6.5 million barrels, better than expected. The price of Brent crude rose 2% to $56.68.

On the gains side, Cellnex was the best performer on the index with a rise of 6.31% to 14 euros. The company announced an agreement with France for 854 million euros, which will involve the construction of 3,000 telephone towers in the country. DIA closed with important gains too, of 2.55% to 5 euros.

Grifols closed with a rise of 0.28% to 19.8 euros, one day after it announced the deal to buy Hologic for 1.75 billion euros.

In the general stock exchange, the highest stocks were Prosegur, which rose by 3.26% to 6 euros, despite announcing that its profit fell 27% to 134 million euros.

OTHER MARKETS

In European markets, the DAX 30 in Germany regained 1.08%, the CAC 40 in France rose 0.96% and the FTSE 100 closed 0.12% higher.

Wall Street appears to be recuperating the losses of previous sessions. On Wednesday it showed mixed signs, although it must be pointed out that Apple gained 5% after presenting record financial results.

In the Forex market, the euro once again is falling, by 0.39% to 1.0756 dollars.

TECHNICAL ANALYSIS

José María Rodríguez, technical analyst at Bolsamanía, pointed out that it's the third session in which the Ibex is staying narrow. "It must be recognised that I don't see any catalyst for the Ibex to bounce back to levels much higher than its current point," he said.

"The index would need to show more signs of attacking resistances, because at this point it's quite flat," added Rodríguez.