Ibex 35 shoots up on first day of March trading
The index rose 2.05% to 9,751.5 points, highest level since December 2015
- Banco Sabadell, after selling its US business, rose more than 6%
- More banks and steel companies ùsh the Ibex higher
The Ibex 35 started March with a strong showing on Wednesday after closing at highs of more than a year. Specifically, the index rose 2.05% to 9,751.5 points. It also surpassed the level of resistance, which was 9,623 points.
IBEX 35
11.611,700
-
0,19%22,20
- Max: 11.631,70
- Min: 11.513,80
- Volume: -
- MM 200 : 11.116,96
Banco Sabadell was the key player in Wednesday's session after it closed 6.77% higher at 1.48 euros. The boost was owed to the sale of its business in the US for 967 million euros. However, Sabadell was not the only stock which performed well, aith ArcelorMittal gaining more than 5% to 8.7 euros. Mediaset followed it with a rise of 3.66%.
In general the day was characterised by gains in almost all sectors. The five heavyweights of the index closed with important rises. Banco Santander was 3.2% higher, with BBVA 2.95% higher. Repsol and Telefonica also gained more than 2% each, while Inditex advanced 1.88%.
Banco Popular rose 1.91% to 0.85 euros, now that the era of Emilio Saracho has begun with capital movements on the downside. ACS reported its financial results yesterday and today informed that it hopes to increase its dividend.
On the fallers side, only four stocks finished lower. Viscofan dropped 1.7% to 48.5 euros. The company reported yesterday that it had earned 4.1% more in 2016, but investors have not been happy. Other stocks which finished negative were Endesa (-0.17%); and Enagas (-0.02%).
OTHER MARKETS
The rest of the major European markets also registered important gains. The CAC 40 in France rose 2.1%. France will see important elections in the coming months . On Wednesday, conservative candidate Francois Fillon was the news of the day. Judges charged him with handing out a salary to his wife without having carried out the work stated. Fillon defended himself however, saying that he will not withdraw from the race.
The DAX 30 in Germany also gained, by 1.97%, as did the FTSE 100 by 1.64%. Wall Street continues to achieve record highs, with the Dow Jones now registering higher than 21,000 points.
In the macro realm, manufacturers' PMI for February were released, and were lower than expected. Spain, was at 54.8 in comparison with 56.0. The Eurozone was at 55.4, just below the 55.5 expected. German unemployment was at 5.9%, in line with forecasts.
TECHNICAL ANALYSIS
Cesar Nuez, technical analyst at Bolsamanía, asserted that the Ibex 35 had hit the important resistance of 9,623.
"The index broke the higher part of the lateral movement, leaving a higher gap that it could well achieve again," he said.
"It's probable that we will be able to see 10,000 points soon," he added.
