• Results season winding down to give way to politics season
  • Wall Street fighting off losses as Dow marches to further records
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The Ibex closed with slight gains on Monday of 0.11% to finish on 9,464.3 points. BBVA (+0.94%) and Santander (+0.16%) saved the index from finishing negative, as they fended off poor performances from the likes of Inditex (-0.84%), Repsol (-0.18%), Telefónica (-0.16%) and Iberdrola (-0.16%). Other European stock markets closed moderately higher.

Acciona

  • 111,500€
  • 2,11%

BBVA

  • 10,900€
  • -0,77%

IBEX 35

  • 11.100,800
  • -0,48%

The highest risers of the day were Banco Popular (+2.01%) and Acerinox (+1.78%, after releasing their earnings reports. The worst performers were Tecnicas Reunidas (-1.27%) and Acciona (-1.24%). Several analysts cut their recommendations for Nordex, the German engine maker with a 30% stake in Acciona, after it warned of falling profits. Macquarie reduced its value of the Spanish company by 2.5% to 78 euros per share.

Meanwhile, company results season continues, despite the fact that it is winding down. Sacyr reported a net profit of 120 million euros, 67% less than in 2015.

This morning, data was released for Faes Farma, with a consolidated profit which grew 20.5% and beat 36.5 million euros. In addition, Almirall also saw its net profit fall 42.7% in 2016 to 75.5 million euros.

In the macro area, CPI was released for Spain which maintained at 3% in February despite the falling price of electricity. The trust in eurozone finances improved in the current month, thanks to a more optimistic view of industrial and service sectors.

In the foreign currency realm, the pound fell thsi morning after an article from the Times indicated that the Scottish government is ppanning for a second referendum on independence from the UK, at the same time as Theresa May's cabinet begins negotiations for Brexit.

As Wednesday sees the outgoing results season, the beginning of March on Wednesday will see incoming season of elections in Europe. the first will take place in Holland on 15 March, followed by votes in France in April and May. Technically, the Ibex is still in the same lateral range of recent weeks. The main resistance level in the short term is found at the annual highs of 9,623 points, while the support level is at 9,236 points.

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