The Ibex 35 index is back above 11,200, with banks leading the way, led by Sabadell.

The Spanish stock market is dissatisfied and wants more on a day when investors, loaded with business results, applauded and bought, priced shares of Banco Sabadell and Naturgy (Gas Natural) compared to the sales they showed for Enagas.

Results that set the tone, on the day when the level is again 11,200 points, Despite the modest achievements, the situation looks much closer. So much so that the closing of the Spanish qualifier was the best session in six days.

Thus, at the end of Tuesday, the IBEX 35 index added 0.62% to 11,212.70 points, with Banco Sabadell rising by 2.05%, Amadeus by 1.32% and Naturgy (Gas Natural) by 1.28% and values ​​such as ArcelorMittal by 1.53%, Acerinox by 1.47% and Acciona Energías by 1.45% falling.

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Among the main protagonists of this session full of results, we find Banco Sabadell, which is in the midst of a battle against a hostile takeover by BBVA. Banco Sabadell increased its profit by 40.3% in the first half of the year to a record 791 million euros. The company promises to pay 2.9 billion in dividends over two years.

First interim cash dividends It will take place in October next year and will cost eight euro cents per share.which amounts to a total of 429 million euros, representing 15% of the total allocated over two years. This interim dividend for 2024 alone will already be 33% higher than the sum of the two dividends paid during 2023. Today, it leads the way in growth in the Spanish selective.

The company also published the results for Naturgy (natural gas), which were welcomed by investors. In the first half of 2024, it consolidated the record results achieved last year, maintaining EBITDA at €2,846 million and net profit at €1,043 million. In addition, the company announced an ambitious strategic plan for the period 2025-2030.

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On the other hand, Enagas, which recorded losses of 210.8 million euros in the first half of the year, compared to a profit of 176.81 million euros in the same period of the previous year. The reason for these red figures is related to expected capital losses from the sale of its 30.2% stake in the American company Tallgrass. The energy, valued at 360 million euros, is expected to close the sale, which is expected to take place at the end of July this month after an agreement was reached to sell it for $1,100 million (around 1,018 million euros).

Meanwhile, in terms of recommendations, Bank of America today presented the telecommunications sector, paying special attention to Telefónica and Cellnex. The American firm decided to reduce its target price for Telefónica shares by 4.44%, setting it at €4.3 per share, compared to €4.5 per share it had previously set. In contrast, for Cellnex, the financial institution decided to maintain its forecast at €41.5. Although it maintains a buy rating for both companies, Ibex 35.

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In the rest of Europe, the market is again dominated by a mixed trend, with the technology sector up 1.77%, followed by industrials and utilities in the EURO STOXX 50. In terms of values, Germany’s SAP, France’s Safran and Switzerland’s Abb are market leaders.with the sharpest drops for values ​​such as Roche, Glenncore or Prosus.

Thus, at the market close, the EURO STOXX 50 rises by 0.40% to 4917 points, the CAC 40 falls by 0.36% to 7594 points, the CAC 40 index falls by 0.36% to 7594 points. Dax is moving up 0.77% to 18,557 points, while London FT 100 ends with a decline of 0.43% to 8163 points.

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Wall Street is seeing a mixed session for indicators, with no major moves, with the main protagonist of the session being the presentation of the results ahead of the PCE, which will be released on Friday, adding to the news on the progress of inflation in the US.

Coca-Cola raised its forecasts for the year as a whole. The company now expects organic revenue growth to be between 9% and 10%. compared to the previous forecast of between 8% and 9%. The company is also raising its comparable earnings growth forecast to a range of 5% to 6% from the previous range of 4% to 5%.

The Soda Giant reported second-quarter profit of $2.41 billion, or 56 cents per share, compared with 59 cents a share a year earlier. Excluding items, profit was 84 cents a share. Net sales rose 3 percent to $12.36 billion, beating expectations for $11.76 billion. Coca-Cola shares rose 1 percent after the bell.

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Spotify Tech shares soared 14% early in the session after reporting quarterly results that met analyst expectations. Second-quarter revenue was €3.81 billion ($4.14 billion), just shy of analyst estimates of €3.82 billion. Profits are growing steadily to EUR 1,110 million.which was slightly higher than analysts’ expectations of 1.07 billion euros.

At the end of the day on the Spanish stock market, the DOW JONES index fell by 0.02% to 40,408 points, the S&P 500 index also recorded a slight increase of 0.13% to 5,571 points, and the Nasdaq OMX index amounted to 18,044 points, adding 0.20%.

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Meanwhile, bonds are falling, and The Spanish 10-year Bund is down 0.32% to 3.236%, while the German Bund is down significantly – 1.81% to 2.4380%.. The Spanish risk premium due to this difference or spread between them increases significantly: by 4% to 79.35 basis points, which generally reduces the difference with the German safe haven.

Ibex 34 falls in raw materials markets at end of day oil price 1.74% for the front, which puts the future price of a barrel of Brent at $81, while West Texas is at $76.85 and is close to a 2% drop.

As for gold, it is rising again in search of new highs: 0.445 to $2405.40 per ounce.

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Bitcoin also strengthens against the dollar by 0.65% to $67,111, while the euro-dollar ratio falls by 0.36% for the single European currency to trade at 1.0849 units.

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