The Ibex once again exceeded 12,000 points on the last day, a new maximum for the Spanish stock index: 12,023 points. But at the last minute it loses these desired levels and finally closing at 11,996.7 points. The Spanish index continues without being able to record a close above this psychological barrier that the selective has continued throughout this year 2024. pulse She received it from some of the major Spanish companies that are trading at their highest levels in history, such as Iberdrola, Inditex or Telefónica. And with this new medal, the Spanish index continues to widen the price gap with its European counterparts by recording an annual increase of 18.8%, in line with the selectives on the other side of the Atlantic, at Wall Street.
The 12,000 points are levels that were not seen in the benchmark 35 since January 2010although it surpassed them on the last Friday of September intraday, it failed to reach these highs of the year. This objective is achieved one day before the next meeting of the European Central Bank (ECB), during which Christine Lagarde, president of the monetary entity, is expected to continue the path of interest rate cuts, including the Reserve American federal government. could take more calmly given the latest macroeconomic data in the region.
The rest of the Old Continent cannot keep up with the pace set by the ibexes. As the Spanish index approaches a 20% annual rise, the EuroStoxx 50 fails to once again mark the double-digit annualized rise and was dragged down in the last session by technology , luxury and energy, down 0.8% during this session. The main motivation were the disappointing results of companies on the continent that opened the reporting season for accounts, from chip producer ASML to luxury parent company Louis Vuitton.
THE queen of the chips The Dutch company fell 15.6% on Tuesday, after publishing in advance its results which showed a drop in company orders in the third quarter to half of what was expected due to the market consensus which reflects Bloomberg. On the other hand, investors noted an initial decline in LVMH sales while a signal to withdraw positions in luxury companieswith which the rest of the companies in the sector fell. The weakness of the Chinese consumer continues to weigh on European luxury
The grown-ups pull the cart
In recent years, the main driver of the Ibex had been the banking sector, which, benefiting from the increase in interest rates carried out by the ECB to fight inflation, mechanically increased its profit margins. which has been reflected in its stock market value so far.
This year, although it is also a sector that has recorded significant increases, it has not was the one with the most space on the Spanish stock exchange and other companies took over by pushing the Ibex 35 to the newly reached 12,000 points. In fact, of the 10 largest selective companies, half, five, marked their highest levels of the year this Wednesdaythus accompanying increases in the Spanish index, of 18% so far this year.
And among these five values, none comes from the financial sector. These are Inditex, Iberdrola, Aena, Ferrovial and Telefónica. The latter was the most bullish this Wednesday, with an increase of 2.5%. In fifth position among yesterday’s increases is Inditex, the most capitalized company in the Spanish market, after recording an increase of 1.6%.
So far this year there are only nine companies, out of the 35 in the national indicator, in red. The most penalized sectors are obviously those utilitiesenergy and raw materials, in addition to Grifols, with his particular casuistry, and Puig, the last to enter the index.
