• In the general stock exchange, Talgo and Prosegur Cash surged
  • Enagas began results season with an increased profit of 54%
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The Ibex 35 finished slightly higher at 10,783.10 points, a gain of 0.15% after hitting an intraday low of 10,719 points and a high of 10,828 points. Despite the strong performance on Monday, European markets fended off losses and showed strength in the short term. The Spanish index is now 15.3% higher in 2017.

IBEX 35

  • 11.100,800
  • -0,48%

The best performer on Monday was Acerinox, which rose close to 4%. Bolsamania reported that investment fund Blackrock took advantage of the stock rally to sell three million shares last month and reduces its stake in the company to 3%.

After Acerinox, the highest stocks were DIA, Caixabank, Grifols and Banco Popular, who all gained more than 1%. Among the bigger names in the Ibex, Santander gained 0.7%, Telefonica and Respol 0.6%, BBVA 0.4% and Inditex at historic highs gained 0.3%.

On the losses side, Iberdrola fell nearly 2%, followed by Red Electrica, IAG and Indra, which fell more than 1%. In the general stock exchange,a bad day for communication businesses as Prisa and Atresmedia fell around 2%.

Results season has arrived, with Novartis announcing profits of 1.533 billion euros in the first quarter, 17% less. In spain, Enagas earned 156 million euros, an increase of 54.4%. Tomortow will see reporting from Banco Santander.

Lastly we must point out that Louis Vuitton will buy the part not controlled by its affiliate Christian Dior Couture for 12 billion euros.

With French elections seemingly heading towards victory for Emmanuel Macron, negotiations between the EU and UK related to Brexit will take centre stage this week. The former has its first vote this week to mark its “red lines” ahead of the negotiations.

In the United States, impressive results from the likes of Caterpillar and McDonald’s and the hope that Donald Trump will finally deliver his fiscal reform package on Wednesday has pushed the indices upwards. The Nasdaq hit a new historic high after breaking the psychological level of 6,000 points.

TECHNICAL ANALYSIS

“In Tuesday’s session the Ibex 35 moved between a quite narrow range of prices , a logical movement after the strong gains on Monday. The graphic seen is a simple consolidation of levels, little more. However if the index were to be corrected towards the 10,530 point zone, technically it would continue on the same path,” said José María Rodríguez from Bolsamanía.

“We must get accustomed to looking at things in perspective, because if we only look at things based on the day to day it’s easy for the market to trip us up. The tendency is impeccably upward and as we have commented before, it is here to stay,” Rodriguez added.

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