Banks hamper the Ibex as it falls below 10,700

Index falls 0.78% to 10,679 points

  • BBVA reported its results and fell more than 2%
  • Steelmakers also had a poor day
  • ECB maintains its fiscal policy and rates at 0%
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Marta Gracia
Bolsamania | 27 abr, 2017 18:17
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The banking sector affected the Ibex 35 on Thursday. The index was hampered by the financial entities and fell 0.74%, which pushed it below 10,700 points (it is now at 10,683.9 points). The Ibex falls for the second consecutive day, after hitting highs of more than 20 months in the first two sessions of the week.

IBEX 35
11.656,600
  • 0,39%44,90
  • Max: 11.674,00
  • Min: 11.520,90
  • Volume: -
  • MM 200 : 11.116,96
17:35 22/11/24

Banco Popular was the worst performer on Thursday despite the fact it has not yet presented its results. Emilio Saracho’s bank fell 6.13% to 0.64 euros. Deposits in the bank have fallen 12% in January.

In the lower part of the table Popular was accompanied by two steel companies. Acerinox dropped 4.23% and ArcelorMittal by 3.3%. The former reported results with earnings of 98 million euros.

All the banks finished lower. BBVA closed with a fall of 2.06%, despite having reported good results with earnings topping 1.2 billion euros. Bankinter also reported with a net profit of 124.4 million euros, with its share price falling 2.19%. Banco Santander was the company with the smallest drop, but still fell 0.88%.

On Thursday, only Inditex and Iberdrola finished higher, with gains of 0.61% and 1.2% respectively. Telefonica fell 1.54% and Repsol by 1.72%.

Viscofan led the gains after an advance of 4.78% to 54.4 euros. The company was another which informed of its financial results, with a net rise of almost 16% to 31.6 million euros.

It was accompanied by Aena, which gained 1.76%, following the high streak it saw after its results, and Ferrovial, which rose 1.33%.

In the general stock exchange, the BME fell 0.81% to 33 euros, after reporting results. The company obtained a net profit of 39.3 million euros in the first quarter, 8% less than the previous year.

OTHER MARKETS

The European Central Bank met on Thursday. The body will maintain its fiscal policy regarding interest rates and gave little clue of its future intentions. Its rate will remain at 0% and the purchasing programme will see 60 billion euros monthly until December.

European stocks had much the same behaviour. The FTSE 100 fell 0.71%, with Lloyds gaining 4% after earning 72% more in the quarter. The CAC 40 in France fell 0.31% and the DAX 30 in Germany fell 0.23%. Deutsche Bank fell 3.66% after doubling its profits for the first quarter.

In the foreign exchange market, the euro was volatile after the ECB meeting. At the hour of closing for European markets, the euro fell 0.4% against the dollar to $1.0864.

TECHNICAL ANALYSIS

“Thursday’s correction in our index has very little implications, considering that we began the week with a gain of 3.75%,” said Bolsamanía technical analyst José María Rodriguez. “Experience tells us whe we see such upward gaps as we seen at the beginning of the week, the usually end up being filled shortly after.”

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