Ibex 35 between volatility and “tax” above 11,800 points despite energy companies

Energy companies, despite themselves, became the main characters of the session today on the Spanish stock market. All down, taking first positions in front of the Government and tax and its conversion, about utilities and banks, constantly.

From the first hour they made the indicator heavier, in collusion with essence, but the share of this financial sector exceeding 29% in Ibex 35 and the change in his bias hid the fall and allowed the selective to maintain 11,800 points at the end of the second trading session of the week.

Thus, at the close of the session, IBEX 35 fell by 0.07% to 11,832.70 points with a fall in Acciona Energías Renovables 5.88%, Acciona 4.12% and Solaria 3.63% and an increase in values ​​such as Indra 3, 74%, Fluidra 2.51. % and Puig 2.38%.

Among the news of the day, the start of the Enagás reporting season stands out. The Spanish gas manager made a profit after tax (BDI) for the first nine months of the year, excluding the effect of asset rotation. amounted to 233.5 million euros, 7.8% more than in the same period last year. Taking into account the effect of asset rotation, BDI Enagas During this period, its losses amount to 130.2 million euros.

And the best for the session remains in two specific values. On the one hand, Indra, which, despite a negative quarter and a week after reporting its third quarter results, today took first place in the Ibex 35 ranking, demonstrating a market potential of 30%.

On the other hand is Puig, who has been severely punished for Ibex 35 since it was listed on the stock market in May last year. Despite this, it has high growth potential in the market with an average buy recommendation and a discount of up to 47% from the current price.

Acciona Energías Renovables was hit the hardest after Goldman Sachs maintained a sell rating on its shares, cutting its price target to 18.5 euros from the previous 20 euros.

Continuing with the recommendations, Iberdrola. Bernstein and his analyst Deepa Venkateswaran assess utility keep in the portfolio and target price of 14 euros per share which is barely a 1% advantage over current Ibex 35 prices.

In addition, today we learned about the IMF report on global forecasts, according to which Spain is recognized as the best country among developed economies.

Revise up by at least one point Growth in Spain to 2.9% in 2024 although the reference to 2025 remains unchanged at 2.1%. Regarding Inflation will close 2024 at 2.8%, according to the International Monetary Fund. in the current financial year and will decline to 1.9% in 2025.

Already in Europe, Tuesday’s closing levels were very close to opening levels, with technology, cyclical consumption and energy leading gains amid 2% falls in utilities and, to a lesser extent, banks, healthcare and industrials.

In value terms, SAP rose almost 3% after its results. His Operating profit increased by 28% to 2,200 million.euros, and the operating margin reached 26.5%. There is also significant growth in cloud revenues. In particular, the company’s order portfolio for cloud technologies increased by 29% to 15.4 billion euros. Cloud computing revenue grew 27% to $4.4 billion Euro.

On the negative side In thisIberdrola and Allianz within a pan-European sample indicator.

Thus, at the market close, the EURO STOXX 50 lost 0.03% to 4939 points, the CAC 40 lost 0.01% to 7535 points, and the CAC 40 index lost 0.01% to 7535 points. Dax falls by 0.17% to 19,422 points, and the session in London ends at FT 100 with a decrease of 0.14% to 8306 points.

Already on Wall Street there is another session of small declines in the main indicators of the market as a whole, with an eye on bond yields. with the 10-year hitting 4.2% for the first time in three monthsalthough he later lost these levels.

A second down session in which results again focus on corporate activity with a clear focus on General Motors, which with its 8% mid-session rise and yearly price high, after beating market expectations and raising its 2024 guidance. In the third quarter, the automaker earned an adjusted $2.96 per share, compared with market expectations of $2.43. while revenues amounted to 48.76 billion against the expected 44.59 billion.

General Motors now expects full-year adjusted earnings before interest and taxes to be between $14 billion and $15 billion, or $10 to $10.50 per share. compared to the previous range of $13,000 million to $15,000 million, or $9.50 to $10.50 per share.

Also for Verizon, which reported earnings of $1.19 per share, compared with estimates of $1.18. However, its revenues fell short of expectations and amounted to $33.3 billion against the expected $33.43 billion. And this becomes the cross of the session with a drop exceeding 4% in the middle of the session.

Citi warns about market conditions today and in particular on the S&P 500. Company analysts emphasize that a high position like the one Wall Street is currently experiencing with its highs after highs, which this year is almost 50 times the historical average, showed a drop of more than 10% after 2-3 months.

At the close of the Spanish stock market, the DOW JONES Ind Average lost 0.27% to 42,814 points, the S&P 500 Index fell 0.26% to 5,838 points, and the Nasdaq OMX Index remained at its opening levels at 18,535 points.

Regarding fixed income, once again increases to 0.6%, and the yield on 10-year Spanish bonds is 3.018%.while German bonds stand at 2.3080%, up 1.27%. The risk premium falls to 70.85 basis points, down 0.9%, while remaining 3 points below the French premium.

As for oil, it is again gaining ground, reassessing the future of the barrel. European Brent crude rose 1.86%. to $75.66 and US West Texas, which rose 2% to $71.48.

He gold back at highs, futures traded 0.7% higher at $2,758 and cash up 0.9% at $2,744.

The euro-dollar is trading at the opening level of 1.0812 units.