Ibex salvages 9,500 and ends the week 1.3% higher

The Ibex 35 was finally able to scrape above the 9,500 level on Friday to finish the week with a 1.3% gain despite losing 0.57% on the day to finish up on 9,500.30 points.

The index, which started the week indecisively, fell on Friday on a similar level to other European markets. "Uncertainty in Europe (elections in Holland and France, restructuring of Italian banks, Greek bailout), and the age of protectionism in the US, is causing difficulties in the markets," said Bankinter analysts.

The heavyweight stocks, Repsol (-1.94%), Santander (-1.29%), BBVA (-1.17%), Iberdrola (-0.59%) and Inditex (-0.5%), hampered the Ibex on Friday. Banco Popular, rose 0.84%. The bank will attract attention on Monday as it welcomes new President Emilio Saracho to succeed Angel Ron.

On Friday there was a positive performance from Cellnex (+2.14%), after publishing its annual earnings, which included profits of 40 million euros, 17% less than in the previous year. Even still, it met its expectations and led the gains. Big results are expected net week from the likes of Telefonica, Iberdrola, Repsol and IAG. The highest stock in the Ibex was Viscofan (+2.93%).

At an economic level, Spanish public debt grew to its biggest level since 2016 to 32.438 billion euros, 3% more than the previous year.

Yesterday the European Central Bank published the minutes of its last meeting, which reaffirmed Frankfurt's view that the rise in inflation was justified, and that economic stimulus is still necessary. In addition, Link Securities analysts said that "the worries about political uncertainty on a European and global scale is likely to continue to affect the economies of all regions".

MARKETS COME TO THEIR WEEKLY CLOSE

Despite the losses of Thursday and Friday, "the technical aspect continues to invite optimism", according to José María Rodríguez, analyst at Bolsamanía. "Basically the higher gap of the session has been filled since Wednesday, after demonstrating annual highs."

Outside of Spain, the main Euro indices felt losses again on Friday, although more moderate than the Ibex. The Ftse Mib in Milan fell 0.4% one day after the Italian parliament voted to give the green light to a bailout package for the country's banks.

On Wall Street, despite the strong performances of recent days, symptoms of a slowdown are appearing and the indices fell moderately. In Asia, the main markets also experienced losses. In the commodities markets, oil registered losses of half a percent, with Brent at $55.4. With regard to currencies, the euro fell 0.48% against the dollar to $1.0622.