• The banks have been once again the ones that have boosted the Ibex
  • On the other hand, Inditex and Telefónica have once again experienced falls
  • The euro reaches 1.205 dollars after the release of the proceedings of the BCE that open the door to the rise in rates.
ep francisco gonzalez presidentebbva
BBVA

The Ibex has once again experienced a similar session to that of Wednesday. The banks have once again pushed the index that has closed with a rise of 0.22% up to 10,450 points. Nevertheless, there is a difference: the proceedings of the BCE. Mario Draghi the president of the organisation has given the first steps to the rise in rates, this has increased the price of the euro and to the banks.

IBEX 35

  • 11.154,600
  • 1,56%

Looking at the Ibex, Siemens Gamesa has been the value that has led the increases with a rise of 4.08% up to 12.5 euros. This makes the stocks shot upwards since it has already accumulated a rise of 8% in the year, after being the red lantern of 2017.

The banking sector has been on the top part of the table. Bankia has been the second best figure with a rise of 2.62%. Banco Santander (1.23%) and Bankinter (1.33%) have gone up more than 1%. On their part, Caixabank has gone up a 0.71% up to 4.27 euros. Nevertheless, BBVA has closed with a fall of 0.08% down to 7.34 euros.

CaixaBank, Sabadell or Santander have broken the resistances and the two first entities look like they are moving towards the highs, according to José María Rodríguez, the analyst of Bolsamanía. César Nuez, TradeWatch expert points to BBVA too that has managed to go over 7.29 euros. “For the next sessions it looks like an attack on the 7.405 euros level”, he points out. In these moments it’s listing 7.404 euros.

The good results of the banks could be caused by the reveal of the proceedings of the BCE, that point that the future of the central bank will have to change it orientation about the types of interest, which will pose a forwarding in the calendar of the rate rises. News that would benefit the bank’s results.

On the other hand, Ferrovial has been the figure with the worst result of the index, it has fallen 1.35%. It was followed by Telefónica that has had another bad session after falling a 1.26% down to 8.18 euros. ACS, has dropped a 1.09%. Florentino Pérez’s company is still waiting on the bid on Abertis. Again, Inditex has prevented the index of rising further. The textile company has dropped a 1.04% down to 28.5 euros.

In the continuous market, this Thursday there should be a mention to NH, that has increased a 2.37% up to 6.26 euros, after it rejecting the offer to merge with Barceló yesterday. These rises are given in spite of analysts predicting that there would be a negative impact on their listing.

THE PROCEEDINGS BOOST THE EURO

The euro has been the most benefited after the BCE’s proceedings and has been boosted up to 1.205 dollars. At the time of the European market’s close, the euro was rising a 0.8% up to 1.2045 dollars. The currency has started to list powerful rises after revealing that the rise of rates of the Eurozone could be stronger.

The euro’s increases have provoked that the rest of the stocks of the Old Continent have closed with moderate earnings. The FTSE 100 in London has gone up a 0.2% while the German DAX 30 has fallen a 0.61% and the French CAC 40 a 0.25%. Also the Italian stocks, and the FTSE MIB, have gone up a 0.61% and have reached annual highs and 2017 highs. In the accumulated of the week the rise is 6.61%.

As for the agenda of the day, the German GDP in 2017 has gone up a 2.20% lightly under the 2.3% predicted. In Spain, the industrial production slows its growth to 4.7% in November. In the Eurozone , the industrial production of November rose a 3.2% in interannual terms versus the 3.0% that was predicted.

TECHNICAL ANALYSIS

José María Rodríguez, technical analyst in Bolsamanía, points out that this Thursday’s session could be seen as an identical copy of that of Wednesday. The banks are still strong in our country and ir the rest of Europe. On the negative side we have to big fishes that are shaken: Inditex and specially Telefónica. In some way and even though it looks as if the Ibex is flat, the truth is that there are a lot of values in the market that are doing great these past few days.

“Our telephone company has swung with extreme ease downwards from the immediate resistance, giving continuity to the decreasing highs and lows from the past month of March”, explains José María Rodríguez. This is 9 months of slow but unstoppable dripping downward that leave it at the doors of the lows of 2017 in the 8.10 euros. “Focusing on the Ibex more of the same: we have a small support in the 10,300 points but still the most relevant thing is overhead, on the side of the resistances in the 10,600 points. Only over that figure will we begin to dream”, concludes the analyst.

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