Ibex posts its best week of the year after climbing 6.5%

The Ibex closed the week with a rise of 6.5% as it was pushed on by the banking sector thanks to the recovery it has made in recent days. On Friday the Spanish index gained 0.26% to 9,169.6 points. In this case the banks fought back to positive after the highs of thursday.

Grifols was the best performer on Friday after finishing with a gain of 4.92% to 17.6 euros, followed by Viscofran which was 2.71% higher at 46.30 euros. Enagas was the third highest in the table after advancing 2.47% to 23.80 euros.

On the risers side, this Friday was a good one for Telefonica after rising 0.74% to 8.30 euros. As such Bolsamania technical analyst José María Rodríguez pointed out that we must be attentive to the "engulfing" of the company. "This type of pattern usually occurs when a corrective process takes place," he said.

Inditex was another protagonist of the session. The textile company, which is due to present its results next week, rose 1.27% to 32.30 euros In addition, Inditex was in the news this week owing to its alleged tax dodging by the European Greens.

In the losses side, ArcelorMittal was the biggest faller after dropping 5.77% to 7.67 euros. Banco Popular, which on Thursday past was one of the best stocks, closed with a loss of 3.84% to 1 euro. Bankia was the third biggest loser after falling 2.26% to 0.95 euros.

In the general stock exchange it is Sacyr who led the way again. The company closed 2.65 higher after agreeing a deal to reduce its debt with Repsol.

In the rest of Europe green was the predominant colour. The CAC 40 in France rose 0.60%, the FTSE 100 0.33% and the DAX 30 by 0.22%. However, it was another difficult day in Italy after the stock exchange there lost 0.73%.

The European Central Bank rejected a request from the country to give bank Montei dei Paschi more time to avoid a bailout, and by the end of the month the entity will owe 5 billion euros. The Italian bank fell 15% in Friday trading.

Oil returned to the news once again on Friday after the non-OPEC producers will meet in Vienna this weekend to try to come to an agreement while protecting the deal made by the organisation last week. At the hour of closing in European markets, European benchmark Brent crude rose 0.35% to $54.08 and West Texas, the US reference, was 1% higher at $51.35.

Analyst José María Rodríguez said that an important target was within reach. "Now we have in the index the possibility to arrive at an important level which would beat the maximums of October, at 9,255 points," Rodriguez said.