- Financial companies stall after Mario Draghi’s words on Thursday
- Florentino Perez’s firm closed down 6.35% after confirming it’s looking into counteroffer for Abertis
The Ibex 35 ended the week 2.15% lower after a Friday in which the Spanish index fell 1.31% to 10,426 points. The market was hampered fundamentally by the decisions of ECB president Mario Draghi on Thursday, who continued to bet on economic stimulus with a bland tone.
- 11.154,600
- 1,56%
The rest of the European markets also ended with significant losses, with the Dax 30 at 1.85%, the Cac 40 1.7%, Ftse MiB by 1.12%, while the FTSE 100 fell half a percent.
The worst performers on Friday were ACS, which was 6.35% lower, with Gamesa dropping 4.42% and Indra by 3.06%. In addition, Bankia, ArcelorMittal, Acciona and DIA all fell more than 2%. Among the heavyweights, they all finished in red. Inditex was 1.58% lower, Iberdrola, BBVA and Santander by 1.45% and Telefonica by 1.07%. Regarding the gains, only Abertis (+0.91%) and Ferrovial (0.13%) finished higher.
Some experts pointed out the Draghi effect, which makes reference to the ability of the Italian to move markets to the speed of his words, is beginning to disappear. The market is betting on the belief that the stimulus days are counted, especially after the ECB president’s words and Sintra.
In other news, Friday saw the day for expiration of derivative contracts, “which generally provokes an increase in volatility in the market”, according to experts at Link Securities. With regard to the macro agenda, it comes with little news, while company results begin to filter in (Vodafone registered revenue of 11.47bn euros for the most recent quarter).
The IMF provisionally approved an agreement to loan Greece 1.6bn euros. It’s the first commitment of this type in the last two years, although there will be one condition: that the organisation headed by Christine Lagarde receives guarantees from the rest of the Eurozone for measures related to the sustainability of Greek debt.
Wall Street is seeing slight losses at the halfway point, after the Nasdaq ended Thursday at record highs following its tenth consecutive day of gains. Oil fell at an average of 1.4%.
Bolsamanía technical analyst César Suez said: “The session was marked by strong losses of 1.31% for the Ibex, which perforated the key support at 10,400 points. The Spanish index gives another signal of weakness which makes us think about another fall towards 10,200 points. We will see little sign of strength while prices stay below 10,704 points.”
