Banking sector and Telefonica push Ibex away from 10,400

Spanish index falls 0.21% to 10,367 points

  • The UK was the major feature of Wednesday after it triggered Article 50
  • Ibex was the only European exchange to make a loss
  • Neinor Homes was one of the main talking points after it made its debut in the stock exchange
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Marta Gracia
Bolsamania | 29 mar, 2017 18:11 - Actualizado: 17:13
neinor homes
NEINOR HOMES

The Ibex 35 was not able to keep up its annual highs and on Wednesday fell by 0.21% to finish on 10,367 points. The banking sector and Telefonica pushed the index away from 10,400 points, where it was just below after Tuesday’s session. Brexit was the focus for investors on Wednesday as Theresa May delivered the UK’s formal notification of departure to the EU.

IBEX 35
11.656,600
  • 0,39%44,90
  • Max: 11.674,00
  • Min: 11.520,90
  • Volume: -
  • MM 200 : 11.125,61
17:35 22/11/24

The heavyweights did not have their best day at the office during the day. BBVA fell 1.14% to 7.1 euros, Telefonica fell 0.86% to 10.4 euros, while Banco Santander also dropped 0.66% to end the day on 5.72 euros. However, Merlin picked up the wooden spoon for the day after falling 1.33%, followed by BBVA.

However, two of the five blue chip stocks helped to consolidate the fall on Wednesday. Inditex gained 0.54% to 32.6 euros and Repsol climbed 0.38% to 14.39 euros. The oil company saw losses during the day, but thanks to the rising price of oil it finished on the right side.

After the push of these stocks, DIA managed to lead the gains with an advance of 1.66% to 5.34 euros. Blackrock confirmed on Wednesday that it raised its capital in the supermarket chain to 1.5%, bringing its total stake to 5%.

Abertis was the second best performer on the day with a rise of 1.14% to 15.14 euros. It was followed by two steel companies: Acerinox which gained 1% to 13.19 euros, and ArcelorMittal which climbed 0.83% to 7.8 euros.

GENERAL STOCK EXCHANGE

The session saw the entrance of Neinor Homes to the Madrid stock exchange. The company was the second best performer on the day after gaining 3.16% to 17 euros, although at one stage it was 9% higher.

Abengoa continues to grab the headlines after its Class A shares closed with a fall of 32.95% and its Class B by 17.09%. The Seville company informed investors that it had released 1.577 billion new Class A shares and 16.3 billion new Class B shares as part of its bid to recapitalise.

OTHER MARKETS

The Ibex 35 was the only European stock exchange to close with losses on Wednesday. The FTSE 100 in London rose 0.32%, appearing untroubled by the confirmation of the Brexit process. The pound was also unaffected after it rose against the euro by 0.34% to 1.155 euros.

The complex process of removing itself from the European Union starts today, with an estimated time frame of 18 months to complete negotiations. Theresa May warned that she prefers no agreement to a bad agreement for Britain, accepting that the UK might abandon the EU without agreement on future relations.

The DAX 30 in Germany gained o.44% and the CAC 40 in France closed 0.38% higher. Meanwhile, on the other side of the Atlantic, Wall Street showed mixed signals after closing Tuesday with gains.

TECHNICAL ANALYSIS

César Nuez, technical analyst at Bolsamanía, said that there has been light losses of 0.21% for the Ibex 35, “which keeps giving little signal of weakness in its series of prices.”

“Only through a close under this level of prices would we be able to see a way to finish by covering the higher gap which was seen on the 16th of this month. In the medium term the Ibex remains impeccable.”

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