- The rest of the European and American stocks have registered larger weekly rises
- Cellnex has presented its results and has led the Ibex rises
- The euro has reached a new record versus the dollar after three years
The stocks bounce back. That’s how the week has gone passed in the world markets, after the high volatility of the past week. The Ibex has reacted with a 2% weekly rise after its greatest crisis since Brexit (it lost a 5.6% last week). This Friday the index has risen 1.2% up to 9,832 points. These advances have been produced in a context of strong global stock rises.
- 11.100,800
- -0,48%
Cellnex with a rise of 3.16% has been the leader of the increases in the index. The independent operator telecommunication infrastructure earned a net profit of 33 million euros in 2017, a 17.5% less than the previous year. The company justifies the falls of this profit in the increase of “the increase of the charge-off (+27%) and the financial costs (+68%).
On the high part of the table, Merlin, that has gone up a 2.09% up to 11.24 euros. Ferrovial has followed with a 2% rise up to 17.6 euros. Telefónica has risen 1.96%. In this rise it has recovered the fourth position on the Ibex 35. On Wednesday, Iberdrola has closed with a 1.26% rise and has closed for the first time over the telecommunications company.
In this session all the heavyweights of the Ibex have closed with a rise. Banco Santander has risen in value a 1.76% and BBVA almost a 1%. On the other hand, Inditex has rise a 1.44% and has placed itself at 26.82 euros.
On the side of the falls, only three values have closed in red. Meliá has fallen a 1.32%, Siemens Gamesa that led the highest rises of previous sessions has fallen 0.32%. Also, Indra has closed with a fall of 0.18%.
In the horizontal play this Friday, the news of Mediapro, the Chinese group Orient Hontai Capital has bought 53.5% of its company for over 1bn euros.
OTHER MARKETS
In the rest of Europe there have also been strong rises, The CAC 40 has risen 1.2%. In this index we must point out that Renault results were published and rose a 2.16%. The French car manufacturing group announced a profit of 5.210m euros in 2017, a figure 47.1% over its 2016’s results.On the other hand the German DAX 30 and the FTSE 100 in London have risen 0.9%.
The euro is the big character of the day. The European currency has bounced back a 2.5% versus the dollar this Monday, a feat we haven’t seen since December 2014 in the 1.2550 dollars, a similar rally to that of the yen, that has shot up to 105,55 units versus the US currency, with a high of 2.8% these past few days. The pound on the other hand is also benefiting of these winds blown against the dollar and has risen in value a 2.3% up to 1.4130 dollars.
TECHNICAL ANALYSIS
José María Rodríguez, technical analyst in Bolsamania, has pointed out that despite the rises this Friday “we could say that the bounce in our Ibex is quite shy”. From the lows a week ago, which is where we have the supports in Europe and Wall Street, the Nasdaq has gone up 10%, the Dow Jones and S&P a 7%, the European stocks 5% and our Ibex little more than 2%. “This confirms what we already knew, that our index still is a lot weaker than the average of our European neighbours and let’s not even start comparing ourselves with Wall Street”, points out the analyst.
If we concentrate on the Ibex, there is a rebound expected to the 9,900-10,000 points in the very short term. Nevertheless if we look at the total return graph, of the Ibex we can say that we have it in the full support zone, in the base of a lateral-downwards movement which base is on this week’s and last week’s lowsm around 25,800 and 26,00 points. “What is deduced if we don’t go below last week’s low is that the prices and their correlations try to restructure themselves on the rise to look for the high part of the lateral in the year highs”, concludes the expert.
