- The Spanish stocks index has only closed in red on one session since the start of the year
- Banco Sabadell has led the rises while DIA is once again the red light
- This Tuesday, the politics and economic front have mingled again
The Ibex has returned to the green. The index caught its breath this Monday so it would close with earnings this Tuesday and even get to 10,400 points. This Tuesday, the Ibex has risen a 0.27% up to 10,426.5 points, which means a two month high, more specifically since the November 2 when it closed with 10,457.8 points.
- 11.154,600
- 1,56%
Banco Sabadell has been the figure that has led the rises, with an increase of 2.14% up to 1.79 euros. In the high part of the table, it has been accompanied by the other Catalan entity with a rise of 1.74%. Mapfre has been the third best value thanks to a rise of 1.68% up to 2.84 euros. The insurance company has revealed that its pensions plan for workers has given a profitability of 3%.
ArcelorMittal has been another value to highlight in the rises, with an increase of 1.66% up to 29.7 euros. ArcelorMittal has received a good recommendation from Citi that gives it a 20% potential.
In this section, there should also be talk of Melia Hotels, that has risen a 0.25% after a positive recommendation from Deutsche Bank. The German entity considers it one of the favourite values of the European sector. Also, NH Hotels, that tomorrow will decide over their merge with Barceló. This Tuesday, the stocks of the hotel company have gone up a 0.08% in the continuous market up to 6 euros.
On the other hand the falls of DIA have been another red lantern after falling a 2.59%. Acciona has followed that has left a 1.4%. The fourth value with the worst behaviour has been Iberdrola. The energy company has fallen a 1.14% down to 6.6 euros after it has informed that it has increase a 3.7% its interim dividend.
OHL has also informed this Tuesday that it’s studying to give out an extraordinary dividend after the concessions sale. The company has also fallen a 3.11% down to 5.05 euros.
OTHER MARKETS
The rest of the Old Continent’s stocks have also closed with rises. The French CAC 40 has risen a 0.7%; the FTSE 100 in London a 0.4% and the German DAX 30 has risen a 0.18%. On another note, Wall Street is still listing historical highs and their three main indexes are listing rises.
In the market of currencies, this Tuesday the euro falls slightly in its change with the dollar down to 1.192 dollars. Nevertheless, the pound takes advantage of the weak euro and May’s cabinet reshuffling and it rises to a three-week high.
As for the agenda of the day, the industrial production in Germany in November has gone up more than expected: a 3.4% versus the 1.8% that was forecast. The rate of unemployment in the Euro Zone in November has fallen down to the 8.7% from 8.8% as it was expected. Even so, it would still be over the European Commission's forecast that places it in the 8.4% in 2018.
As for everything else, it should be reminded that by the end of the week the results season of 2017 will start in the US, with the publishing of the JP Morgan Chase accounts. Also regarding national business, there is still talk this Tuesday of the decision of the National Commission of the Values Market of maintaining its approval of the OPA of Atlantia over Abertis (0.32%) despite its request to the Government to revise it.
POLITICS AND ECONOMICS MINGLE
Once more politics and economics have gone hand in hand to be the main characters of the session. Rodrigo Rato has come forward in Congress and has blamed Zapatero’s government of the start of the crisis and the real estate bubble. Also it has pointed a finger to the Bank of Spain and the minister Luis de Guindos as the ones who hold responsibility over Bankia’s fall.
On the other hand, PSOE wants to remodel the pensions system. Its leader, Pedro Sánchez has an idea to create two new ones to refinance the deficit that the piggy bank destined to elderly people’s salaries has. One of the would aggravate the financial transactions and another would apply to the bank. Sánchez trusts in raising 1,600 million euros.
TECHNICAL ANALYSIS
José María Rodríguez, the technical analyst in Bolsamanía, assures that “in fairness the session this Tuesday doesn’t vary what was said yesterday. The key is still in the important resistance of the 10,600 points. Only over this resistance can we dream.”
And in theory over the resistance we would have a clear double bottom with a minimum projection (in theory) of the maximums of 2017, this the 11,185 points. “But in the meantime we don’t have anything”, points out the analyst. For now in the short term we can’t rule out a correction that will gets us closer to the support bench of the rise last Friday in the 10,300 points. Among some of the blue chips of our market there should be a special alert to the resistances they present, BBVA in 7.4 euros, Telefónica in 8.55 euros. “Over these we would have interesting signals of the strength of these titles and therefore of our index,” concludes the expert.