Ibex regains 9,400 points, pushed on by Telefonica and Santander

The Ibex 35 closed with gains of 1.17% and finished the day on 9,438.40 points, led by the good performance of Telefonica (+2.59%). There were advances across the board, including from blue chips such as Santander (+1.59%), Repsol (+1.33%) and Inditex (+0.84%).

Banco Santander

4,851€
2,16%

IBEX 35

11.154,600
1,56%

Telefónica

4,222€
1,73%

Other stocks which impressed were Banco Popular (+2.74%), Banco Sabadell (+2.54%) and IAG (+2.53%). Caixabank rose 0.8%, despite the fact BPI, the bank which controls 84% of its capital after launching an OPA, fell more than 13% in the Portuguese stock market.

On Thursday the banks were not the only main players however. Societe Generale earned 40% in the fourth quarter but beat estimates and rose 3% in the stock exchange. Commerzbank earned 279 million euros in 2016, 7.43% less.

Among the lower valued stocks, Adolfo Dominguez was in the news after rising 11%, making it an 80% gain in the last year after publishing good results on the 13 January.

OUTSIDE THE BUSINESS PERSPECTIVE

One of the main events of the day, which provoked a rise in Wall Street and equity assets in Europe, was Donald Trump's announcement that it will be a question of weeks before he introduces tax reforms in the US.

His comments were well received in the market, but will wait on concrete actions before pushing on to serious growth.

Moreover, analysts at Link Securities point out two aspects which could affect markets further. The French elections and the Greek debt crisis. With regard to the former, the analysts say that political uncertainty will lead heavily on investors.

About the Greek crisis, they explain that the country must negotiate with partners in the eurozone to resolve its issue. "The government is divided between those that advocate for giving in to the pressures and those who are looking for a political change to bring about their own solution," the analysts said.

TECHNICAL ANALYSIS

"On Wednesday we said that the close of our index invited optimism following the "hammer" from the important zone of 9,250 points. Again we are at the doors of the resistance zone that we had on Monday. Closing this resistance we find the annual highs of 9,623 points," pointed out José María Rodríguez, Bolsamanía technical analyst.