Ibex deflates towards 10,211 points

Spanish index finished well ahead of its European neighbours on Wednesday

  • Oil continues to be the protagonist with the OPEC meeting
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Nieves Amigo
Bolsamania | 30 nov, 2017 10:44 - Actualizado: 17:59
cbibex35 bolsa

The Ibex 35 deflated on Thursday with a loss of 0.55% to 10,211 points. The Spanish index spent most of the session above 10,300 but in a matter of seconds it finished below as Telefonica reversed its gains. This month, the index has fallen almost 3%.

IBEX 35
11.473,900
  • 0,33%38,20
  • Max: 11.485,70
  • Min: 11.446,20
  • Volume: -
  • MM 200 : 11.299,24
14:00 24/12/24

The telecoms firm finished the session down by 0.05%. However, the sell-offs were led by Indra (-4.77%) after it presented its strategic plan for 2018-2020. In the lower part of the table it was joined by Mapfre (-1.19%) and hotel chain Melia Hotels (-0.88%).

The red also dominated the banking sector. BBVA was down 0.85%, Banco Sabadell 0.94%, Caixabank 0.64% and Banco Santander 0.46%. With regard to Ana Botin’s bank, it was announced the cutting of 25% of its staff losses in central services, to 1200 employees from 1585.

Only Bankinter (+0.22%) and Bankia (+0.42%) escaped the losses on Thursday in the sector. The gains were led by Tecnicas Reunidas (+2.63%), Inmobiliaria Colonial (+2.40%) and IAG (+2.19%).

MACRO AND BITCOIN

With regard to Thursday’s session, the main talking point should be oil on a day when the OPEC meets in order to potentially decide production cuts into next year. Brent crude arrives to the date at a two-year high of $63 per barrel, although it has pulled back this week in response to doubts over whether Russia will back the deal.

In other news, the riffraff between Donald Trump and Theresa May on Twitter continues after the US president retweeted videos with anti-Muslim content and was roundly condemned for it. At the other side of the Atlantic, stocks finished mostly in the red after the Fed said that economic activity continues to improve on “modest to moderate” basis. However, it added that pressures on prices had increased since its last report.

Regarding the other main protagonist of the week, Bitcoin surpassed $10,000 and then $11,000 this week in a matter of hours. However, in a matter of minutes the digital currency plummeted to $9,500, as analysts continue to assert that it is no more than a speculative bubble.

In data for the day, Spanish GDP saw growth of 0.8% in the third quarter. In Germany, unemployment stayed at 5.6%,as was expected.

TECHNICAL ANALYSIS

Bolsamanía technical analyst José María Rodríguez believes that “despite closing far from the high of the day the key in the short term is the lower gap left at 10,144 points.”

“It’s likely that we will fill that depending on how it closes. If the index does not close under 10,144 points the trading slant in the short term will continue to be high, with a look towards the key resistance, the highs of the month at 10,600 points.”

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