Ibex stays above 10,500 after gaining 1% this week

The Ibex 35 fell below 10,600 points but was able to stay above 10,500 on Friday, after a weekly gain of 1%. However, on Friday the index fell 0.63% and finds itself at 10,536 points. Company results were the main talking points this week, particularly for the big banks of the market.

Tecnicas Reunidas was the worst performer on Friday after falling 7.05%. It reported a 67m euro profit due to the deprecation of the US dollar. Acciona was the second worst performer after a loss of 4.59%. The business saw its net profit fall 86.6% to 80m euros.

Amadeus was the next worst in the Ibex, after closing 3.48% lower. The IT company saw increased profit by 16.1% in the first quarter.

The six banks of the Ibex 35 have now reported their quarterly results. BBVA published on Thursday after the close with a profit of 2.306bn euros, 26% more than the same period last year. The bank rose 0.08% on Friday. Santander, Caixabank and Sabadell also reported ahead of the open on Friday, with all increasing net profits and above what was forecast by analysts.

In Santander’s case, profits were up 24% to 3.616bn euros, with little impact from the acquisition of Popular. However, its shares fell 0.14% to 5.8 euros.

Banco Sabadell increased its income by 5.9% to 450.6m euros. However, if the takeover of British bank TSB is excluded, its growth would have been better.

Caixabank was the only financial firm to finish higher, after closing up 2.07%. The entity published net profits of 839m euros.

IAG also reported on Friday. The airline company saw net profits of 567m euros, 2.3% more than the figure reported for last year. Despite leading the board in the early part of the day, the company fell 0.29%.

On the gains side, DIA shot up 14.99% to scratch 6 euros. The company made public that multi-millionaire Mikhail Fridman had purchased 10% of the chain’s capital.

Another important factor on Friday was Siemens Gamesa, which ended yesterday 17.3% lower after reporting its results, as investors were not convinced by the halting of its Indian business. Barclays lowered its target price to 13 euros from 19 euros, as its shares recovered 0.88% to 14.63 euros.

In the general stock exchange, OHL reported its results. The company registered losses of 2.1m euros in the first quarter, in comparison with the 3.1m euros it made last year. Its shares fell 12.5%.

In the macroeconomic sphere, Friday saw the publication of second quarter GDP. The Spanish economy grew 0.9% during the period. As a result, solid growth was maintained in line with projections which predict a growth of 3% for 2017.

The rest of Europe saw losses on Friday. The CAC 40 in France fell 1.29%, the FTSE 1.11%, while the DAX 30 was 0.48% lower. Wall Street was lower also after US GDP figures came out showing economic growth of 2.6% in comparison with last year.