Ibex brushes off Brazil effect and regains 10,800 level
Spanish index rebounds 1.41% on Friday to 10,835 points
- Banco Popular bounces up 9.94% after latest reports about Santander acquisition
- Brazil affects stocks once again
- En castellano: El Ibex encaja el golpe brasileño y retoma el nivel de los 10.800 puntos
The Ibex 35 closed ended the week 0.56% lower after problems on Wall Street, for Banco Popular and in the Brazilian markets. Banco Santander, Telefonica, Mapfre and Prosegur were the most affected stocks. On Friday the Ibex was 1.40% higher at 10,834.8 points.
Other European markets saw rises around 0.5%. The FTSE 100 rose 0.39%, the DAx 30 by 0.40%, while the CAC 40 gained 0.58%. Meanwhile, Wall Street saw moderate gains at the halfway point.
At the top of the Ibex was Popular after shooting up 9.94%, following reports which suggest Banco Santander has hired Citigroup to set up a bid for the former. The Cantabrian bank, as did BBVA and Telefonica, hit suypport levels yesterday and closed with gains of 2,40% and 2.30%.
As well as Popular and BBVA, ACS also gained strongly by 2.68%, and Enagas gained 2.09%. On the losses side, DIA was the only value which finished in the red (-0.45%). Abertis was flat at 0.03%, Inditex at 0.08%, while IAG was 0.17% higher.
In the political realm, investors will lend their attention to primary elections in the PSOE this weekend. It´s well known that local politics has little effect on the Ibex, but it’s true that various experts have warned that if Pedro Sanchez wins the country will not bhe better off. JPMorgan and Bank of America said that a win for the ex-leader of the party would have negative consequences for the economy.
Continuing with politics, elections will take place in Iran today, which will have implications for the upcoming OPEC meeting, of which the Middle-Eastern country is a key member.