11,000 points back: Ibex 35 is within reach of new highs thanks to Grifols and Fluidra

Spanish stock market This renews the joy that investors have felt over time, today registering its biggest percentage gain in a year. A decisive rise in the Spanish stock index compared to just three values, which at the close of the second session of the stock market in a week are moving downwards.

Feeling good about the latent but no further impact of geopolitical tensions, the fall in crude oil prices, which hit their lowest level since March, also removes inflationary pressures, one of the most problematic issues for the market, which expects rate cuts, especially where they appear to be , are being pushed back the most by the Fed in the United States.

Regarding the recession in the eurozone, two points. The market is increasingly ignoring the cut before the ECB is “independent” of the Fed, as Sarah Carbonell, CEO of Banco BiG, commented to Investment Strategies today, a move that is not common but which the European Central Bank may be forced to make. with more controlled inflation, but lower economic growth – and even more uneven – among eurozone countries.

Today we received new information from an interview with the Vice President of the ECB in the French newspaper Le Monde, which appeared on the ECB website. The Spaniard Luis de Guindos emphasizes verbatim that “provided there are no surprises in the interim, as you say in French, this is a “fait accompli.”

Thus, the IBEX 35 index rose 1.7% to 11,075 points at the close of the session on Tuesday, helped by a rise in Grifols A by 5.25%, Fluidra by 3.10% and Inditex by 3.09%, compared with a fall in ArcelorMittal by 2.57%. , Acerinox 0.85% and Bankinter 0.06%.

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In terms of values, Grifols A is today the leader of progress, the protagonist of the market. If it’s true that the stock was in trouble yesterday after the company indicated that information required by the SEC was unofficial in light of the Gotham City Research allegations, the situation is different for the stock today.

As announced, the company issued bonds worth 1 billion euros to finance its debt. We are talking about debt at 7.5% with a maturity date of 2030. The funds will be used to repurchase unsecured bonds maturing in 2025.

In a statement, Grifols emphasized that the deal “This is an important financial milestone, highlighting the financial markets’ confidence in the business strength and operational strength of the blood products company. Financial strategy adopted “represents an important step forward in addressing debt repayments in 2025. company and strengthens the structure of the long-term financial structure.”

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At the end of the season, Enagas made a net profit of 65.3 million euros for the period from January to March, which is 19.5% more than in the same period last year.

This is a figure that allows it to achieve its planned annual profit in the range of 260-270 million and reflects “high degree of implementation of the “Strategic Plan for 2022-2030”.

The biggest losers of the session, accumulating the biggest falls of the day, appeared to be two steel stocks in the Ibex 35 index: ArcelorMittal and Acerinox, both of which were hit by the US-China tariff war, but higher , By protectionist measures taken at the height of the US presidential campaign Democrat for the re-election of Joe Biden for the metallurgical sector against steel imports, one of the main markets for both companies.

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In terms of recommendations, Citigroup maintains its Overweight recommendation on Endesa and cuts its price target to €20.5 from €21.80.

UBS maintains a buy rating on Iberdrola shares, as well as a target price of €12.60 per share for the utility.

Barclays is already weighing in on Telefónica shares, maintaining its ‘equal weight’ recommendation with a target price that will drop to €4.80 from the previous €4.70.

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The Spanish telecom operator is a double news story this session after acquiring a 96.85% stake in its German subsidiary following the completion of a non-takeover bid.

Results in European markets Novartis, which posted net income of $2.688 million in the first quarter of 2024, representing 17.2% year-over-year growth. The company also revised upward its growth forecasts for the full year, sending shares of the Swiss pharmaceutical company up 4.5% on the day.

Another Swiss company is the protagonist with a Spanish name. We’re talking about Nestlé which appointed former Inditex CEO Pablo Isla as its new vice president. Pablo Isla will also take on the role of Nestlé’s chief independent director, which Frenchman Henri De Castries is also leaving vacant.

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Meanwhile, today the main character of the meeting was FT 100 in Londons, hitting an all-time high, breaking the last record set in February 2023 and also marking a fifth straight session of gains. As such, the EURO STOXX 50 is up 1.43% at 5,007 at Tuesday’s close, the Dax is up 1.62% at 18,140, ​​the CAC 40 is up 0.81% at 8,105 and the Footsie closes index. day with an increase of 0.22% to 8041 points.

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On Wall Street, US indicators move higher to the sound of another day of business results, while the Dow Jones index enjoyed a fourth session of gains and after breaking the S&P 500 index six times yesterday, a trend not seen since the pandemic for the US benchmark.

Among the results, General Motors’ results stand out. The car company reported earnings of $2.62 per share, above expectations of $2.15, on revenue of $43.01 billion, also above expectations of $41.92 billion. Its shares rose more than 4% at the close of the Spanish stock market. with the support of Wall Street.

Pepsico reported adjusted earnings per share of $1.61, compared with market expectations of $1.52. Revenues were 18,250 million compared to the expected 18,070 million, although the decline was more than 2%, a percentage that UPS, however, grew at the same level, recognizing its own. The shipping company earned $1.43 per share in the first quarter, excluding certain items, far beating analysts’ estimates of $1.29. Revenue was $21.7 billion versus expectations of $21.86 billion.

At the end of the day, the Ibex index was up 0.52% to 38,440 points, the S&P 500 index returned above 5,000, in particular, it is at 5,057 with an increase of 0.94%, while the Nasdaq OMX rose by significant 1.28%. up to 15,646 points.

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On the debt side, 10-year Spanish bonds rose just 0.06% to 3.268%, while German bonds rose 0.32% to 2.4990%. lThe German risk premium hits a one-year low of 76.80 basis points and falls 0.45%.

Meanwhile, oil is coming back rising with a rebound of $87.69 for European Brent and a rise of 0.79%.While West Texas shares, which this morning marked their lowest level since March, rose 0.87% to $82.67.

Gold marks a one-week low at $2,335, down half a percent, while the euro-dollar is at 1.0698, with the single currency up 0.4%.

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