Ibex falls slightly but stays above 8,600

Spanish index moves between narrow range prices

  • Banks performing the worst once again, Popular and Bankia the main culprits
  • Endesa the best performer after raising its dividend policy
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Bolsamanía
Bolsamania | 23 nov, 2016 18:12
endesa

A new day of uncertainty for the Ibex 35 as it closed with a slight fall of 0.28% to 8,627.5 points, after hitting an intra-day high of 8,673 and a session low of 8,604. The Spanish index has for days been showing a very narrow spectrum of prices, behaviour which is usually anticipating a swift market movement in the near term.

Banco Popular
0,317
  • 0,00%0,00
  • Max: 0,36
  • Min: 0,30
  • Volume: -
  • MM 200 : 0,92
17:35 06/06/17
Endesa
20,270
  • 2,27%0,45
  • Max: 20,36
  • Min: 19,87
  • Volume: -
  • MM 200 : 18,03
17:35 22/11/24
IBEX 35
11.656,600
  • 0,39%44,90
  • Max: 11.674,00
  • Min: 11.520,90
  • Volume: -
  • MM 200 : 11.125,61
17:35 22/11/24

One of the main protagonists of the day in Spain was Endesa, which led the advances in the Ibex with a rise of 2%, after updating its dividend policy. The electric group established a dividend of at least 1.32% gross per share for 2017.

On the other hand, Banco Popular once again brought up the rear after falling 3% on Wednesday to 0.873 euros. Their stock increased early this morning before heading downward into the afternoon.

In the heavyweight stocks in the Ibex, Telefonica fell 0.68% to 7.928 euros, and keeps being a dead weight in the market. Santander rose by 0.07%, BBVA by 0.48%, Inditex by 0.57%, Repsol 0.24% and Iberdrola 0.64%.

The news of the day in the global economy has been the United Kingdom's statement of reduced growth for 2017. The Office for Budget Responsibility stated that the GDP of Britain would only rise by 1.4% next year, after previously being predicted at 2.2% before Brexit. The FTSE 100 fell 0.03% while the DAX 30 in Germany lost 0.48%. The French CAC 40 fell 0.42%

In the foreign currency market, the euro saw a new low against the dollar at 1.0527. The US currency keeps demonstrating its strength, against the prediction that the Federal Reserve will raise interest rates in its December meeting.

José María Rodríguez, technical analyst at Bolsamanía, commented that Wednesday's session has been a carbon copy of Tuesday's session, as "the range of fluctuation has been very narrow, closing practically flat."

The expert added that " we are not going to fall below 8,540, at least for the moment. Neither does it look like we are capable of reaching 8,756."

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