Ibex dodges impact of Italian referendum, but maintains 8,600 level

The Ibex 35 was not affected by pressure from Italy after Sunday's referendum result, but still maintained its level of 8,600 points. Specifically the Spanish index rose 0.67% to 6,664.7 points. It began with falls early on Monday, even breaking the lower base of 8,540 but quickly regained its footing, helped out by the banking sector.

ArcelorMittal was the leader of the advances at the beginning of the week after rising 5.26% to 7.50 euros. After that, the next two highest values were banks. Caixabank regained 3.4% to finish on 2.86 euros. Banco Popular continued its recovery by rising 2.56% to 0.92 euros. Last Thursday the Spanish bank approved a decision to relieve president Angel Ron of his position, to be replaced by Emilio Saracho.

The two biggest banks in the index also closed with important rises. Banco Santander closed 1.4% higher at 4.35 euros, while BBVA rose 1.02% to 5.85 euros.

On the other side of proceedings, Grifols picked up the wooden spoon for the session, after having lost 3% to finish on 17 euros. It was accompanied by Técnicas Reunidas, with a fall of 1.43% to 35.50 euros. Red Electrica lost 1.23% and is now situated at 16.45 euros. In the losses also was Endesa after falling 0.26% after having launched a contentious appeal against a ministerial order which fixed its share percentages.

In the general stock exchange, Codere continues to rise. On Monday the stock gained 9.2% to 0.95 euros and has achieved historic highs. The company's shares have reached a volume of 3.6 million. The gambling company has risen since the news that it was joining US firm Cordish to build a new leisure complex in Madrid.

The rest of European markets were also green, apart from the Italian index which closed 0.21% lower after 60% of Italians voted "no" to Matteo Renzi's constitutional reforms, and the prime minister resigned as a result.

The banking shares in the FTSE MIB, the Milan benchmark, saw significant falls. Particularly, the main alpine banks registered falls of more than 3%, but they were less pronounced towards the end of the day.

Monte dei Paschi, whose capital influx of $5bn euros could be in danger after Renzi's resignation, fell 4.21%.

The DAX 30 in Germany rose 1.63%, the CAC 40 in France by 1% and the FTSE 100 in London rose 0.24%. After a day dominated by Italy, the attention now turns to the comments of ECB chief Mario Draghi, who will speak on Thursday.

Bolsamanía technical analyst José María Rodríguez said that Monday was an interestng session after a long period of narrow price ranges.

"Very interesting session on Monday, even though we are now situated far from the maximums of the day. Interesting because we have touched upon both the lower and upper levels of our range for the day," affirmed Rodríguez.