Ibex falls 0.31% after Amadeus tanks and leaves 11,000 mark behind

The Ibex 35 closed 0.31% lower on Friday at 10,904 points, on a day in which the rest of the European indices also fell, apart from the FTSE 100. The Ibex sees a weekly gain of 0.63%.

One of the big stories of the day was the tanking of IT company Amadeus. The loss came about after it became known that Iberia will charge a supplement for tickets bought through its Global Distribution System.

Regarding the gains, Ferrovial gained 1.56%, ArcelorMittal 1.50% and Mediaset 1.33% along with Cellnex. Among the heavyweights, Inditex was the only one to end the day higher with a gain of 0.82%, while Iberdrola fell 0.81% to 7 euros, Repsol by 0.70%, BBVA 0.37%, Santander 0.31% and Telefonica 0.05%. Among the fallers, as well as Amadeus, Tecnicas Reunidas had a bad day with a loss of 3.43%, with Melia Hotels falling 2.05%.

Falling prices of oil have affected Repsol in recent days after the OPEC deal to extend production cuts. Crude is gaining at the moment however, Brent 0.3% higher at $51.59, while West Texas is at $49.12.

On the political scene, the G7 summit is currently taking place in Sicily. “It could result in, apart from declarations of good faith and common efforts, either more or less investors entering the markets,” said Ramón Morell, ETX Capital expert. Regarding macro data, US GDP was reported for the first quarter at 1.2%.

TECHNICAL ANALYSIS

José María Rodríguez, Bolsamanía’s technical analyst, said that “what’s really interesting in the last session of the week is that we end clearly far from the lows and we were able to fend off a few scares, such as when Santander looked like it could lose the key support of 5.6 euros.”

“Remember, as we as we said earlier this week, while the Cantabrian bank maintains this level and BBVA does the same, we will have little reason to worry. In fact, it appears we are experiencing a lateral movement which could stretch even further.”