Ibex consolidates 9,500 and comes close to annual highs

The Ibex 35 started the week with gains of 0.28% and stays above the level of 9,500 points, to reverse Friday's performance when it fell 0.6% and reduced its weekly gain to 1.3%. The week is important due to the publication of results from blue chips Telefonica, Repsol and Iberdrola. In Europe, the main indices finished with moderate gains, on a day when Wall Street is closed for a holiday.

The Madrid stock exchange, which closed on 9,526.60 points, is aiming for the annual highs of 2015 of 9,623, the resistance once again.

On Monday the big talking point was once again Banco Popular, which began with rises of 3%, but dropped 0.59% in the end to 0.839 euros after the first day of new president Emilio Saracho. The bank, which registered losses of 3.455 million euros in 2016, has fell 8% since the beginning of the year.

ArcelorMittal (+1.68%), Meliá Hotels (+1.15%), Técnicas Reunidas (+1.12%), Iberdrola (+1.1%) and Telefónica (+0.83%) led the advances in the Ibex. On the negative side were Bankia (-1.05%) DIA and ACS (-0.79%).

Telefonica will publish its financial results for 2016 on Thursday, the first annual figures since the takeover of president José María Álvarez-Pallete.

FactSet analysts expect a profit of 3.174 billion euros, which would allow a gain of 16% compared with 2015. "Telefonica has a debt problem. Even though it has many options to reduce it , with shares to sell," said market analyst Carlos Gutierrez of Aviva Gestion, one of the Spanish groups which has overcome the operator in recent times.

As well as Telefonica, Iberdrola and Aena will also "confess" to the market on Wednesday, followed by DIA, Repsol, Endesa, Mediaset, Indra and Red electrica on Thursday, alongside IAG and Amadeus.

In Europe there has also been a flurry of financial results. On Tuesday it is HSBC's turn, while the rest of the week will see Bayer, Barclays, Vivendi and Peugeot.

During the rest of the week, economic data will also be released, including PMI, IFO, German GDP and CPI in Europe.

TECHNICAL ANALYSIS

"The close on Monday has no special implications from the technical point of view. Even still to be able to remain at the higher part of the lateral movement that has been coming for the last two months is positive. Above all because in any moment we could have the ability to attack the upper resistance of 9,623 points," said José María Rodríguez, Bolsamanía technical analyst.

"We can't forget that this week we have the results of two heavyweights - Telefonica and Repsol. In the last few sessions we have been seeing a clear improvement in the telecoms company."