The Ibex 35 index soars along with Wall Street and closes above 11,150 despite major declines.
The week ends with the stock market’s weekly total up 0.78% in five days during which the market moved in very tight ranges and with closing levels without significant changes, either positive or negative, before the open. The main thing is that the Spanish qualifying team manages to maintain the 11,1500 point mark.after a trading week, although our indicator performed worse due to the fall of large values. but with positive changes in the last minute, supported by the upward march of the New York stock market.
The IBEX 35 index closed Friday up 0.18% at 11,165.90 points, with gains from Mapfre 3.57%, Fluidra 2.83% and Acciona Energía 2.72%, and losses from Repsol 1.03%, Caixabank 0.59% and Amadeus 0.56%. It is also up 0.78% on the week.
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Once again, this Friday session brought results: in the Ibex 35, the only one to publish was Mapfre, whose first-half net result was 461.6 million, up 46% year-on-year. The market clearly took the results positively, naming the stock the best of the day.
Accounts that were fundamental due to the significant improvement in technical profitability of No Vida, Thanks to both underwriting measures and rate updates, the growing contribution of the financial result, which for the Non-Life business, reaches 401 million per semester (+11.6%), which is a large contribution of business in the area of life, both savings and risks, especially in Latin America and IBERIA. The total risk ratio for life continues to be excellent (84.2%). And due to the effect of hyperinflation adjustments with a net negative impact of 35.6 million people (26 million in 2023), mainly from Argentina.
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Endesa also announced today the sale of 49.99% of its solar business in Spain to Abu Dhabi’s renewable energy group Masdar for €817 million. Accordingly, the “enterprise value” of the entire share capital of EGPE Solar will be approximately €1.7 billion.
As for recommendations, Banco Santander with the Swiss firm UBS’s opinion on value, which are among the most optimistic, finds growth potential of more than 36%. In particular, the target price has been raised to 6.20 euros per share, compared to the previous 6 euros.
Meanwhile, for Grifols A, Berenberg has reduced its target price for Grifols to €19.35 per share, down from the previous €19.80. Despite this reduction, the truth is that the new estimate represents a potential upside of 113.10% for the stock market compared to yesterday’s close.
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Already this afternoon at Ferrovial we learned that it had exercised its right to supervise the sale of 20% of Heathrow Airport to the Ardian and PIF funds. All that remains is to obtain the necessary regulatory approvals to complete the transaction.
In June, the Amsterdam-based Spanish company reached a new milestone. agreement to sell 19.75% of Heathrow to Ardian and PIF for €2,030 million, leaving Ferrovial with 5% of the airport’s shares.
The rest of Europe is already seeing broad-based growth and higher volumes than the Spanish stock market, with the EURO STOXX 50 index all sectors in positive territory, led by cyclical consumption, industrials, healthcare and technology, with average growth rates above 1% and almost touching 2% in the first.
In terms of values, luxury is reborn with Essilor Lu.XottIka and Hermes with gains of more than 3%, joined by French company Vinci. BASF is severely punished, Nestle and UniCredit, among the biggest cuts in Friday’s session.
Thus, at the end of the day, the EURO STOXX 50 is up 1.03% to 4860 points. Dax At the close, it rises 0.64% to 18,422, the CAC 40 rises 1.22% to 7,517, and the CAC 40 Index rises 1.22% to 7,517. FT 100 which added 1.25% to 8288 points.
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On Wall Street, a massive rally has already seen the Ibex 35 index rebound from this week’s decline, with the idea that It’s more than likely that the week will end on a negative note on the New York Stock Exchange.
One factor is the inflation data the Fed likes best, the PCE, which behaved as expected. PCE rose 0.1% on the month and 2.5% from a year earlier. Core PCE rose 0.2% month-on-month in June, while year-on-year core PCE rose 2.6%.
Among the news, the presentation of the Bristol Myers Squibb account stands out, which at the opening rose by more than 7.8% after beat market forecasts and improve your overall year-over-year outlookAdjusted earnings per share were $2.07 versus the expected loss of $1.63. Revenue was $12.200 million versus the market’s forecast of $11.550 million.
Consumer giant Colgate-Palmolive also beat market expectations, increasing revenue by 4.9% to $5,060 million, compared to the $5,000 expected. Earnings per share reached $0.91, compared to $0.77 in the same quarter last year and the $0.87 analysts expected.
On the other hand, Dexcom, a medical device company, Shares fell 36.7% early in the session after disappointing the market with its earnings forecast.Dexcom’s full-year revenue guidance of between $4 billion and $4.05 billion represents a decline from the outlook the company shared earlier this year.
Thus, at the close of the Ibex 35 index, the DOW JONES index rises by 1.44% to 40,510 points, while the S&P 500 rises by 0.80% to 5,442 points, and the Nasdaq OMX index adds 0.60% to 17,280 points.
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In fixed income, asset yields are falling, with the yield on 10-year bonds falling by 1.19% to 3.224%, while German 10-year bonds are trading at 2.3990% after falling 0.6%. Spain’s risk premium adjusted down 1.26% to 82.40 basis points.
As for raw materials, a sharp decline of 1.9% in the future price of a barrel of European Brent to $80.73. while US West Texas Intermediate is trading down 2% at $76.67. Gold is up significantly, up 1.17% at $2,381.10.
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Finally, Bitcoin rose strongly, by more than 4%, to $67,482, while the euro-dollar ratio settled at 1.0857 units after the single currency rose by 0.12%.
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