Ibex falls for sixth consecutive session and is now but stays above 10,200

The index closed practically flat with losses of 0.02% to 10,217 points

  • 10 years ago the index hit record highs of 15,945 points
  • Prime risk rose 6% to 114 points in a day marked by a strike in Catalonia
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Nieves Amigo
Bolsamania | 08 nov, 2017 18:05
bolsa_de_madrid_ibex_35_parque

Uncertainty and losses have powered the losses of recent weeks. Although it eventually reduced its losses and closed practically flat (-0.02%) to 10,228 points, the Ibex 35 is now down for the sixth day in a row, the first time it has done so since December 2015.

IBEX 35
11.611,700
  • 0,19%22,20
  • Max: 11.631,70
  • Min: 11.513,80
  • Volume: -
  • MM 200 : 11.116,96
17:35 21/11/24

Weakness in the Spanish index is more than evident after last week when it headed north of 10,400 points, but it was unable to confirm the level after leaving behind weekly prices. On a day in which it celebrated 10 years since the record high of 15,945 points, the loss over the last 6 days is now at 3%.

MELIA ON BOTTOM

Melia Hotels was the worst performer in the Ibex after the hotel chain was down 2.42% to 11 euros before the publication of its results, which will become known at the end of the day. It and IAG (-2%) were affected by a list of companies which were sanctioned for business with Cuba. The airline is now down almost 10% after reporting its numbers on 27 October.

Other stocks such as Tecnicas Reunidas (-1.68%), Colonial (-0.93%) and Santander (-0.36%) all fell, the latter of which after saying it bid goodbye to 1,585 workers and see 575 more relocated.

INDRA ON TOP

On the opposite side, the gains were led by Indra, which was up 3.8% after results were deemed to be higher than expectations. The company earned 85m euros to September, 76% more. In the high part of the table also was Mediaset, which was up 1.89%, while Siemens Gamesa rebounded 1.88% after yesterday’s losses.

In European markets, the Portuguese index was down 0.46%, while the DAX and the FTSE were the only ones to finish in the black.

In commodities, oil fell after news coming from Saudi Arabia about the government’s reaction to corruption stories.

Away from Spain, investors remain focused on Donald Trump’s tour of Asia, one year on from his victory in the presidential election. He reiterated his words on North Korea during his speech in front of the South Korean National Assembly, warning that the “US has never looked for conflict or confrontation, but we will not run away from it.”

TECHNICAL ANALYSIS

According to Bolsmanía technical analyst José María Rodríguez, “the close of the Ibex on Wednesday is far from the lows of the day and after five sessions of continuous falls, it leaves the door open for a rebound in the short term.”

The expert commented that “the lower channel of the last six months is lacking in some sense, which means it forms part of the story.”

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