Ibex up 0.6% to overcome the barrier of 8,700
Banks are holding the Spanish index in the difficult moments
Flat opening on the European stock exchanges, which rethink a new scenario after the result of the Italian referendum. In the Spanish stock market, Ibex advanced 0.6% to stand near the 8,700 points, the high part of the range in which has been oscillating the last three weeks.
IBEX 35
11.617,900
-
-0,80%-93,90
- Max: 11.662,70
- Min: 11.575,00
- Volume: -
- MM 200 : 11.143,04
The focus remains on the banks. The sector that has been suffering the most from European uncertainty was the one that reacted more robustly to the resignation of Italian Prime Minister Matteo Renzi. Banco Popular bounced 2.56%, although this Tuesday is losing around 0.5% and is trading at 0.91 euros per share. The entity immersed in a complete restructuring of staff and branches received an improvement of perspective on the part of Moody's although maintains its rating in "junk bond".
In Italy, Prime Minister Matteo Renzi has agreed to delay his resignation until the country's budgets are approved for 2017, relaxing the atmosphere after the referendum outcome. However, banking risks continue. According to the Financial Times, Banca Monte dei Paschi di Siena may need a recapitalization of 5,000 million euros to be viable.