Values for a volatile semester
Capricorn faces the second half of the year with an accumulated profit of 8.33%. Fifteen of its values exceed the first half of the year, and three of them exceed them more than five times.
Sabadell shines with an increase of 61.77%. Adding to the positive overall performance of the banking sector is the additional boost provided by BBVA’s hostile takeover bid (see attached information).
Accompanies him on the podium Unicajawith an increase of 43.15%. The ECB’s 25 basis point rate cut on June 6 did not impact investor sentiment on banking.
The monetary easing cycle that has just begun is expected to be very gradual and analysts say it will not have a significant impact on earnings in a sector that has stunned with record results in recent quarters.
CaixaBank, Bankinter and Santander They are among the top 9 performers of the semester, with the first two setting records in June (see attached information).
Rovi Laboratories In 2024, it will coexist with the banking sector, occupying a leading position in the stock market. Expectations surrounding the sale of its third-party manufacturing business are driving value. This is the second highest profitability on Ibex since January 2, with a rate increase of 45.43%.
Two companies related to tourism (Meliá Hotels and Aena), Indra and Inditex They round out the top ten of the year with growth ranging from 14.56% to 37.93%.
Second quarter
The photograph of Capricorn meanings in the second quarter of the year is not too different from the general one.
The bank occupies four of the top five positions in the ranking for overvaluation (between 10.02% and 27.39%) and sneaks among them. Solarium, which managed to recover 14.5% between April and June at the height of expectations of easing financial conditions. Despite this, it is down 37.83% this year.
Twenty companies on the Spanish market managed to improve their prices in the quarter, compared to a 1.18% drop in Ibex prices, the smallest decline among the main European indices that have been adjusted in a complex manner over the past three months, with the exception of London’s Ftse 100, which rose 2.66%.
He Cac 40 Paris, the biggest casualty, is down 8.85% since late March. The sell-off in French stocks came after the European Parliament elections on June 9 caused a political earthquake in France due to the overwhelming victory of the far-right National Rally, calls for early general elections in the country and the EC decision. decision to bring a case against France for excessive government deficits.
Volatility in French bonds and stocks has wiped out the Cac 40’s gains for the year, making it the only negative reading in 2024 among major Europeans. That’s unfortunate, considering the indicator hit its all-time high on May 15, as did Dax, Ftse 100 and Stoxx 600.which brings together the most representative listed companies from 17 European countries.
Entering the stage political uncertaintywhose epicentre is in the eurozone’s second-largest economy but has implications for the region as a whole, has cooled investor sentiment in recent weeks.
To this we must add signs of economic slowdown in the US, the fundamental benchmark for global financial markets. As a consequence, the June balance on European stock markets was negative, with declines ranging from 1.34% Ftse 100 to 6.42% Cac.
Wall StreetHowever, it is still being added up and is still largely driven by Big Tech and AI fever. The S&P 500 and Nasdaq set new records at the European market close yesterday, rising 4.2% and 6.84% for the month, and raising their 2024 gains to 15.26% and 19.09% respectively.
Eight Values Set Records in June
Despite the poor performance of most Ibex indicators in June, eight of them set records for the month: Aena, ACS, Bankinter, CaixaBank, Inditex, Indra, Logista and Merlin.
The airport manager and textile chain are the closest to their brands after the correction of recent weeks. In fact, Aena hit a new intraday high during the session. They are also part of a small group of five values that avoid the negative sign. Rest Iberdrola, Redeya and Ferrovial.
Sabadell and BBVA: heads and tails
The hostile takeover by BBVA in Sabadell on May 9 after several days of “crossfire” has played a major role in the Spanish stock market in recent months and is clearly reflected in the stock market markers.
Acceleration of action Sabadell Once BBVA’s intentions became known, it allowed it to complete the work at the best value for the period, with a revaluation of 26.39%.
BBVA Instead, it lost 12.19%, the second-worst performance among the 35 companies listed on Ibex since March 28, behind only ArcelorMittal, which lost 15.38%.
The evolution of the two banks’ shares is in line with analysts’ expectations and has led to the dilution of a significant part of the premium embedded in the initial acquisition offer of May 1, which was officially announced 8 days later, through a share exchange: the newly created BBVA Title for 4.83 Sabadell shares.
Taking into account the prices of both companies on April 29, the day before the BBVA offer was announced, this meant a valuation of each Sabadell title at €2.26, 30% above the closing price of the company under the chairmanship of Josep Oliu. At the end of yesterday’s session, the real premium had fallen to 7.61%, as BBVA shares closed at €9.35 (down 14.2% on April 29) and Sabadell shares at €1.80 (up 3.62% on the same date).