- On Wednesday the Spanish indedx rose 0.24% to 8,688
- The session was marked by an agreement from the OPEC to cut oil output
- In recent sessions the Ibex has moved between a narrow price range
A bad month for the Ibex 35. The Spanish index lost 5% during November after the election of Donald Trump as US president and the volatility of oil prices. Investors continue to look towards the US for direction, and the Ibex continues to be affected by it. Over the year, the market has fallen 9%, for which it would need its best December in 20 years in order to finish 2016 positively.
- 0,317€
- 0,00%
- 0,013€
- 1,57%
- 4,222€
- 1,73%
With regard to Wednesday's session, the index rose 0.24% to close on 8,668 points. The session was marked by the agreement reached by the Organisation of Petroleum Exporting Countries in Vienna. This provoked Repsol higher in the index with an advance of 4.3% to 12.60 euros.
However, Banco Popular was top of the leader board on Wednesday after rising 5.08% to 0.82 euros. The bank registered high volatility during November, even marking lows of 0.77, its lowest level since 1987.
As well as Popular, the banking sector had a positive day in general. Bankia was the third best performer after finishing 2.31% higher at 0.84 euros. Banco Sabadell and Bankinter also rose, by 2.17% and 2.04% respectively. The two biggest banks in the index also finished positively. Banco Santander rose 1.38% to 4.30 euros after passing the Bank of England stress test on Wednesday. BBVA also rose 0.83% to 5.80 euros.
On the losses side, Dia was the worst performer of the day with a fall of 4.1% to 4.30 euros. The company has made a loss of 25% since reporting its financial results. IAG and Aena accompanied it with losses of 2.21% and 1.49% respectively.
Inditex also registered losses on Wednesday, despite a communication from Citi that it was expecting a rise of 21% for the textile company to 39 euros. Telefonica also lost ground, falling 0.3% to 7.80 euros.
Without doubt the biggest news of the day was the agreement between members of OPEC to reduce global oil output. The historic decision, the first since 2008, would put an end to the record falls in the prices of the commodity in recent months.
The price of crude rose more than 8% at the close of European markets on Wednesday.
In the rest of the European markets, there was green across the board. The CAC 40 in France finished 0.89% higher, the FTSE 100 in London 0.43% higher, followed by the DAX 30 in Germany which was o.41% higher.
Bolsamanía technical analyst José María Rodríguez pointed out that the rises in the Ibex were not particularly important, but have the potential to be if the big stocks can build on their performances.
"We would appreciate that Telefonica, although it remains weak, is trying to pass on something to the majority we are beginning to see in the heavyweights of the index," commented Rodriguez.
