Ibex up 0.35% to go above 10,200 points ahead of results season

Investors will look at results for clues, especially Catalan companies

  • OHL rockets 43% in general exchange
  • Enagas kicks off results season
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Nieves Amigo / Jennifer Correas
Bolsamania | 17 oct, 2017 18:07
bolsa_de_madrid_ibex_35_parque

The Ibex 35 was up 0.35% on Tuesday and regained the 10,200 level. The index, which fell during the morning, swung to a gain as blue chips such as Santander turned the corner to go up 1.17%, while Inditex was also up 1.04%. However, OHL was the story of the day after rocketing 43% following the announcement of the sale of its affiliate for a higher price than expected.

IBEX 35
11.473,900
  • 0,33%38,20
  • Max: 11.485,70
  • Min: 11.446,20
  • Volume: -
  • MM 200 : 11.299,24
14:00 24/12/24

In addition, results season arrived in Spain on Tuesday. Third quarter results promise to be more politicised as companies deal with the Catalonia crisis. The figures of the last three months will probably not be affected so much, but will give an indication of the final results of the year. Morgan Stanley and JPMorgan reduced their forecasts for the Spanish banking sector owing to the crisis in Catalonia.

Enagas was the first to report today to the market. The company posted a profit of 375.7m euros up to September, which represents an increase of 18.4%.

SIEMENS GAMESA LEADS THE GAINS

The gains of Tuesday were led by Siemens Gamesa, whose shares were boosted 2.47% to 12.03 euros after falling more than 6% on Monday. It was followed by airline group IAG (2.24%), which transported 80m passengers until September, 3.3% more than the same period in 2016. Mediaset was next with a gain of 1.86% ahead of its results tomorrow.

Other big stocks were also up, with Santander (1.17%), Inditex (1.04%) and BBVA (+0.12%) among those. Sabadell was up 0.92% after it sold its stake in hotelier Halley Holdco for 630.7m euros.

On the other hand, Melia Hotels was the biggest faller by 1.62%, followed by Tecnicas Reunidas and DIA, which were down 1.01% and 0.93% respectively.

In the general exchange, apart from OHL, Duro Felguera closed flat after the resignation of Ricardo Cordoba as independent advisor to the firm.

Politics continues to be the most important thing for investors in the Spanish market. Government spokesperson Jordi Trull said Carles Puigdemont will make an offer of dialogue to Mariano Rajoy “without conditions” ahead of the latest deadline for a response, which comes on Thursday.

TECHNICAL ANALYSIS

Bolsamanía analyst José María Rodríguez said tha6t “the Ibex has hit the brakes after coming within touching distance of 10,300 points, coinciding with the daily MM200.”

He added: “In recent weeks the key is at 10,410 points. Only above this resistance can we say that something would be really changing.”

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