Banks and electricals push Ibex away from 9,500
Endesa, Gas Natural and Iberdrola had poor days in the market
- Banco Popular led the losses with a fall of 2.7%
- The index still struggling to make it to 9,544
The Ibex 35 has fallen slightly for the second consecutive session. After missing out on 9,500 points on Monday, the Spanish index has been hampered by the poor performances of Banco Popular (-2.7%), BBVA (-1.5%, despite discounting its dividend) and Bankia (-1.2%). In the end the Ibex closed 0.43% lower at 9,453.
IBEX 35
11.617,900
-
-0,80%-93,90
- Max: 11.662,70
- Min: 11.575,00
- Volume: -
- MM 200 : 11.143,04
Economy minister Luis de Guindos announced on Tuesday that an extrajudicial system will be put in place to deal with those affected by the fallout from the "ground clauses" scheme. They will be able to reclaim the debt owed to them within the next three months.
Viscofran dropped 2.2%, and the electricals in particular had a bad day. Endesa (-1.7%) y Gas Natural (-1.4%). On the positive side, ArcelorMittal led the gains, finishing 4.7% higher, followed by IAG (+2.3%), Acerinox (+1.8%), Gamesa (+1.1%) y Repsol (+1.1%).
The markets remain indecisive in the beginning of the year. On one side, all of Donald Trump's movements are being closely watched, in order to see how much of his campaign promises will be fulfilled. On the other side, in Europe investors are treading carefully. Stocks aren't expecting a fall but at the same time they fear sudden movements in a time of such uncertainty.
According to a report from CNBC, the experts from Goldman Sachs point out an important time for Europe in 2017, which could be marked by many opportunities. Credit Suisse also believe that the political risk is somewhat exaggerated.
After Tuesday's session of moderate losses, the Ibex has now strung together six sessions of maintaining a narrow range of prices, trapped between 9,400 and 9,544. In order to reach the higher limit, it must be viewed in "weekly terms", according to Bolsamania expert José María Rodríguez. "It seems as if passing this higher mark could be imminent, but we are not moving forward at the moment," he said.
