Ibex 35 remains above 9,700 despite closing lower on Thursday
The index dropped 0.36% and is situated at 9,716 points
- On Wednesday the Ibex hammered the annual highs
- Acciona rose almost 6% after Deutsche recommendation
- Spanish economy grew 3.2% in 2016
The Ibex 35 was not able to continue its impressive rally with which it began the month of March. Today's session saw a 0.36% fall to 9,716 points,edging above the 9,700 level. The banks and the steel sector held it back after pushing the index higher on Wednesday.
IBEX 35
11.589,500
-
0,01%1,10
- Max: 11.720,70
- Min: 11.548,60
- Volume: -
- MM 200 : 11.100,36
The worst performer of the day was ArcelorMittal, which fell 2.21% to 8.5 euros. Indra accompanied it in the lower part of the table with a fall of 2.18% to 11.9 euros. The third biggest faller was Bankinter, which was 2.09% lower. IAG also fell more than 1% after HSBC revalued the company by 9%. However, Banco Santander also fell by 1.69% to 5.22 euros.
BBVA could not counter the fall of Santander, rising only by 0.24%. However, on Thursday Acciona shot up by 5.91% to 75.21 euros. Deutsche Bank released a favourable report which increased its potential by 13%.
Cellnex, with a rise of 2.07%, was the next best performer on the day, followed by Melia Hotels which gained 1.75% to 12.5 euros. Between the five heavyweights, only BBVA finished on the right side of the board.
OTHER MARKETS
The other major European markets had a mixed bag on Thursday. The CAC 40 in France was the only one which closed with gains, of 0.06%. The DAX 30 dropped 0.06%, while the FTSE 100 fell 0.01%. On the other side of the Atlantic, Wall Street registered moderate falls, despite the Dow Jones breaching 21,000 for the first time on Wednesday.
Investors await the performance of Snap, parent company of Snapchat, which debuted in the New York Stock Exchange today with a 46% rise from its initial offering price of $17.
ECONOMIC BENCHMARKS
In the macroeconomic realm, there was a plethora of important data released on Thursday. The GDP of Spain grew 3.2% in 2016, after reports from the final quarter saw a growth of 0.7%.
More important data released showed Spanish unemployment figures. Unemployment fell by 9,335 people in February, its second best number since 2005. CPI in the eurozone reached the target of 2% set by the European Central Bank.
TECHNICAL ANALYSIS
Bolsamanía technical analyst César Nuez pointed out on Thursday that there were moderate losses in the Ibex after the strong gains seen on Wednesday.
"Despite the impeccable technical aspect that the index offers, we can't rule out seeing the formation of a throwback to the level of between 9550 and 9600 points."
