The Ibex has added a slight 0.09% after trading with broader gains for much of the session. After two consecutive days in red, the main Spanish index sought to rebound this Thursday, but half an hour before the close it has gone down again and has finally closed almost flat. As the main highlight we can notice Telefónica's losses (-1.34%) and Ence's hikes, which have risen 4.77% despite the fact that it looks like it's set to abandon the selective after a meeting held by the Technical Advisory Committee (CAT) discussed the subject once the session was over.
- 10.854,400
- -2,22%
The rest of Europe has quoted in line with the Spanish selective, with the exception of the Frankfurt parquet, which has risen 0.45%, despite the latest criticism of Donald Trump who attacked Berlin's support for a new gas pipeline that will have natural gas flowing into Europe from Russia.
In addition, the first vote to elect the new leader of the Conservative Party was held in the United Kingdom today. Boris Johnson has won the first round of voting by a long run. Out of a total of 313 deputies, the former mayor of London and former foreign minister has obtained 114 votes. Minister Jeremy Hunt has been second, although fairly far behind from Johnson achieving just 43 votes.
To all this we can add the warnings of the experts on Italy and their struggle with the European Union (EU), which remains very present. Deputy Prime Minister Matteo Salvini wants to introduce tax cuts, while Prime Minister Guiseppe Conte has anticipated that the national debt could be reduced more than expected as tax revenues were higher than expected.
COMPANIES AND OTHER MARKETS
Investors have followed the behavior of the large Ibex values. On the one hand, the banks, which continue to be touched, have been monitored, but also to Inditex, which ended yesterday with falls of 1% after publishing results and today has risen 0.36%. In addition, Telefonica has been the worst value of the Ibex after announcing that it has paid 1.4bn in the auction for 5G in Germany, much more than expected.
The business sector is also meeting the Technical Advisory Committee of the Ibex. Everything indicates that MásMóvil will enter the index and replace Técnicas Reunidas, which after falling in the first hour has turned around and ended up rising 0.09%, which reveals the nervousness that exists among investors. Ence, for its part, has risen 4.77% despite the fact that it is another of the values that looks like it will abandon the selective one due to its crisis in Pontevedra.
What is being seen today regarding crude oil is also relevant. It shoots up around 3% at the end of the Spanish market after it was announced that there has been a fire in an oil tanker in the Oman Sea. On the other hand, in the currency market, the euro falls in value 0.10% to 1.1278 dollars.
TECHNICAL ANALYSIS
"As you can imagine, the candle that our Ibex draws after the close of the session has no implications whatsoever, and we do not rule out a continued correction to compensate for the latest rises, which have been 5% up since Monday's lows last week, "said José María Rodríguez, an analyst at Bolsamanía.
"The current problem is that we somehow quote in the no-man's zone, far from the support of 8,900 points and the important resistance that we already know in the 9,410 points: the daily and weekly bearish hollow of early May", he adds.
"The truth is that we can be spend quite some time in this price range without anything actually happening , if anything, remember the weakness that continues to show in the banking sector and to which which today Telefonica has joined", concludes the analyst.
