• Spanish market began with gains on Thursday
  • US GDP growth forecast augmented stock losses
  • Only two companies were able to register higher
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A bad day for the Ibex 35, after it fell below 10,600 points and finds itself at 10,531 points. The index fell 1.6% in a session which began with gains before reversing thanks to the revision of the US GDP forecast.

IBEX 35

  • 11.154,600
  • 1,56%

Construction and energy companies were the main culprits. ACS picked up the wooden spoon of the day with a loss of 3.9% to 33.78 euros. The second worst performer was Indra, which was 2.83% lower, while Grifols completed the podium at the bottom of the table with a 2.7% drop.

None of the heavyweights of the index were able to finish higher. Inditex registered the biggest loss of 1.78%. Telefonica fell 1.23%, continuing its poor run of form. Santander and BBVA fell 1.5% and 1.03% respectively.

On the gains side, only two stocks in the Ibex returned positive results. Bankinter was 0.17% higher at 8.12 euros and DIA gained 0.04% to 5.48 euros. In the general stock exchange, Adolfo Dominguez was to the fore with a rise of 9%. The textile company reported its results for the quarter, increasing sales 17.4% from March to May.

Abengoa was also one to watch. The shares of the Andalucian company rose 5.7% to 0.037 euros. Bears once again have a presence in the company, while Banco Santander now figures as its largest shareholder.

OTHER MARKETS

Red was the colour across Europe on Thursday. The CAC 40 in France was the worst performer with a fall of 1.76%, while the DAX 30 fell 1.62% and the FTSE 100 was down 0.29%.

Wall Street saw losses too. The Nasdaq was particularly affected with a loss of 1.4%. Higher GDP growth in the US to 1.4% augmented losses in New York. As a result, interest rates may be brought up more than expected this year.

The euro had a good day against the dollar. The common currency headed to annual highs to $1.1436, while at the hour of close it was at $1.1426.

Oil continues to drive forward. Brent crude rose 1.3% to touch $48, while West Texas gained 1.36% to $45.34.

TECHNICAL ANALYSIS

Bolsamanía technical analyst José María Rodríguez points out that the strength of recent sessions in the banking sector was not able to support the selling pressure today. “The only good thing about today is that the rest of European markets were much the same as the Ibex.” He added that the Ibex was the only one which partially filled the gap, while others were far from similar levels.

Focusing on the Ibex, despite the good feeling of the session the fact that none of the blue chips could not finish above resistances is telling. “It appears that the Ibex will end up testing the support of 10,380 points.”

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