• Key healthcare vote imminent in the United States for markets
  • A rejection of Trump’s proposals in Congress would be a bad result for the market
ep pablo isla inditex
EUROPA PRESS

The Ibex 35 finished above 10,300 points (+0.93%, 10,324.90 points) with the help of Inditex, one of the heavyweights of the index which has performed poorly in 2017. The Spanish index has shot up 10.4% in 2017.

IBEX 35

  • 11.154,600
  • 1,56%

As well as Inditex, the best performers on the day were Gamesa (+2.56%), Ferrovial (+2.3%), Meliá Hotels (+2.11%) and Gas Natural Fenosa (+1.68%). The energy group was in the news on Thursday after investment banks considered its restructuring programme over the next few months.

Other big stocks such as BBVA(+0.83%), Santander (+0.76%), Telefónica (+0.77%) and Repsol (+0.69%) also registered strong gains. In the case of Santander, JPMorgan analysts raised its target price to 6.35 euros, with an upside potential of 12%.

In the general stock exchange, Abengoa was the main player, after being boosted 39% in its class A shares to 0.67 euros, after announcing its restructuring plan. Duro Felguera rose 1.61% after confirming it is on the lookout for a strategic partner.

In the fallers side, Arcelor Mittal fell 1.36% and Acerinox by 0.75%, along with Iberdrola on 0.2%. Investment fund Capital Research revealed its 3% stake in the electrical company, valued at 1.26 million euros.

All this comes a day after terrorism returned following an attack in London which caused five deaths and 40 serious injuries.

Oil maintains focus on Thursday, after data from inventories of crude in the US was worse than forecast. Inventories rose more than expected. Brent prices fell to 50.61 dollars per barrel and West Texas fell 0.4% to 47.83 dollars.

IMPORTANT VOTE IN WASHINGTON

An important vote will take place in the House of Representatives on reforms of former President Barack Obama’s healthcare policies.

“The importance of whatever happens with this new legislation is very relevant, above all because it will put in doubt the ability of Trump’s government to implement the rest of his policies, especially the part relating to deregulation and his infrastructure plan,” said the experts at Link Securities.

TECHNICAL ANALYSIS

“Another session which brings the Ibex towards yearly highs and at the doors of the resistance of 10,600-10,650 points, the maximum level of November 2015. The most interesting thing about today was that the gains were not solely supported by the banks or by Telefonica, as has been happening in recent weeks. Other stocks such as Gas Natural, Inditex, Ferrovial helped out,” said José María Rodríguez, Bolsamania technical analyst.

“The fact that the increase is not always focused on the same values will help the market. While the blue chips rise others are taking a break in order to move forward,” the expert added.

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