The Ibex falls 0.8% in the week but holds the 9,500 before the elections
Polls anticipate a coalition government and a very fragmented parliament
The Ibex 35 has risen 0.05% this Friday, to 9,506 points, and closed the week with a slight drop of 0.8% before the general elections next Sunday, which anticipate a coalition government and a very fragmented parliament. Within the selective, the hikes in Sabadell and Telefónica and the falls in Viscofan have stood out. In the Continuous, Parques Reunidos has exploded after receiving anIPO.
Banco Sadadell (+ 4.21%) led the gains in the Ibex after presenting its results. The entity closed the first quarter of 2019 with a net attributable profit of 258m euros (-0.4% in the year-on-year comparison). The bank's interest margin has fallen by 1.2%, but Sabadell has confirmed that it maintains its forecast of raising it between 1% and 2% throughout the year.
In addition, Telefónica (+ 1.07%) was the most bullish blue chip, followed by BBVA (+ 0.24%) and Santander (+ 0.1%). On the contrary, Iberdrola (-1.28%) and Repsol (-0.97%) were the main weights of the selective, although the most bearish value was Viscofan (-2.96%).
In addition, Parques Reunidos has risen 28% after becoming aware that the investment firms EQT and GBL and Alba Financial Corporation, under the name Piolin BidCo, have launched a takeover of 55.79% of the company's capital stock at 14 euros per title.
The other business news this Friday was the advance of DIA results (+ 3.14%). The company, which will announce its quarterly accounts on May 14, has anticipated that it expects losses of between 140 and 150m euros. It also announced that it will postponet he debt payment until May.
ASIA, USA AND OTHER MARKETS
In Asia, investors have been on guard against a possible policy change in China. They fear that the economic data better than expected can cause the Government to abandon the stimuli. Although the Chinese president, Xi Jinping, has declared that he is committed to the reforms, but has not given details.
In the US, the most outstanding fact has been that the GDP of the first quarter has far exceeded the consensus forecasts, to rebound by 3.2%. However, Wall Street is listed as mixed because the rise in GDP has been due mainly to the accumulation of inventories and the increase in public spending, since consumer spending has moderated its growth significantly.
In other markets, Brent oil falls strongly by 3.3% to $72, after marking annual highs above $75 this week. In addition, the euro increased in value 0.2% to 1,1160 dollars. And the yield on the 10-year Spanish bond has fallen to 1.05%, while Spain's risk premium has dropped slightly to 107 points.
TECHNICAL ANALYSIS OF THE IBEX 35
"As you can see in the daily chart of our index, we have laterals, within a narrow range of prices, since the month of April began: with a clear support at 9,360 points and as resistance and in round numbers the area of the 9,600 points ", explains José María Rodríguez, an analyst at Bolsamanía.
"The good thing is that with this side we are getting that the daily overbought (the weekly continues to show extreme readings) begins to relax, who knows if we will dare overcome the resistance we have at the annual highs (9.588). The last months are still bullish, as the minimums and maximum increases are saying, but, in any case, we must be attentive to the opening of this Monday once the price picks up the result of the 28A general elections, "adds this expert.
"Since 1993, the day after the elections has always brought falls in the indexes, and at times these have been very important, and in the meantime, we are still looking towards the main index of the world, the S & P 500, which is caressing the historical maximums. that presents, intraday, in the 2,940.91 points, if it were to close above this it would be placed, again, in an absolute 'free rise', something that the Nasdaq has already done in the last sessions ", concludes Rodriguez.
