Banks and tourism sectors push the Ibex to annual highs

Financial entities have risen eagerly, led by Sabadell and Bankinter

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Bolsamanía
Bolsamania | 08 mar, 2021 09:31 - Actualizado: 17:54
ep valores economicos en el palacio de la bolsa de madrid espana a 19 de febrero de 2021 el ibex 35 20210303122211
Eduardo Parra - Europa Press

The Ibex 35 increased 1.9%, to 8,454 points, driven by banks (Sabadell and Bankinter are the most bullish) and the tourism sector, such as Meliá, Aena and IAG. On the negative side, Repsol and Grifols have led the falls, although most companies have finished in the green. Notably, the Spanish selective is trading at annual highs.

IBEX 35
11.435,700
  • -0,28%-31,60
  • Max: 11.474,90
  • Min: 11.399,10
  • Volume: -
  • MM 200 : 11.289,95
17:35 23/12/24

At a fundamental level, there are two positive pieces of news at the start of the week. This Saturday, the US Senate approved, at the last minute and after a marathon session, the program of economic measures to face Covid-19 valued at 1.9 trillion dollars.

In addition, on Friday afternoon it was learned that the US and the European Union have agreed to suspend, for a period of four months (for now), the mutual tariffs for the aeronautical dispute as a result of the aid from Airbus and Boeing.

It is good news that invites optimism and that is encouraging the European indices together along with a positive vaccine rollout. The Minister of Health, Carolina Darias, has announced that Pfizer will send 4.8 million vaccines in April, which will boost the rate of vaccination.

Sabadell has rebounded 6% and has exceeded the price it had when it confirmed negotiations to merge with BBVA.

Furthermore, Meliá Hotels has risen 5% after receiving very positive advice from Bankinter, which has established a valuation of 8.10 euros per share.

OIL SURPASSES 70 DOLLARS

Oil has also been in focus this Monday, with rises that were over 2% early in the morning, which has allowed Brent to surpass $70. Although at this time it falls 0.8%, to $ 68.74.

All this after Saudi Arabia said that its oil facilities suffered a missile and drone attack this Sunday by Houthi rebels fighting in Yemen.

ATTENTION ON THE ECB

This week's attention will focus on the meeting of the European Central Bank (ECB) this Thursday. "While central bank officials will welcome the recent decline in the value of the euro, what they will not welcome is the rise in borrowing costs that has occurred as a result of the recent surge in global bond yields." , they explain from CMC Markets.

"This has raised concerns about tightening financial conditions that weaker EU members cannot afford. Rising dollars and rising yields could also have consequences for some emerging market countries, as some of the its liabilities are sensitive to fluctuations in US interest rates, "they add.

AND THE IBEX?

"For the next few days, the most normal thing is that we will see a return in purchases at these prices. However, to confirm a continuation of the increases we should wait for a close above 8,439 points," says César Nuez, analyst de Bolsamanía and head of Trader Watch.

In the foreign exchange market, the euro falls in value 0.5% and trades at 1.1858 dollars. In commodities, an ounce of gold fell 1.1% to $ 1,680. And in cryptocurrencies, bitcoin is up 2%, to $ 51,020.

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