The Ibex 35 was trading in the mid-session on Wednesday with an advance of 0.49%, thus maintaining the level of 11,100 integers reached at the opening, in a day in which investors will once again be paying attention to Banco Sabadell and BBVA, after the latter warned that it has “no room” to improve its merger offer in economic terms.

Specifically, Sabadell made public this Wednesday in a communication to the National Securities Market Commission (CNMV) a letter that the president of BBVA, Carlos Torres, sent last Sunday, May 5, to his counterpart at Banco Sabadell, Josep Oliu. , informing him that there was “no room” to improve the merger offer “in economic terms.”

In this way, Sabadell recorded the biggest drop in the middle section of the session, with a fall of 3.46%, although the share still remains at the 1.8 euros per share that it reached last week after knowing the BBVA’s intentions. Since the presentation of first quarter results, on April 25, the stock has appreciated 10.7%, while since the beginning of the year it has shot up 62.9%.

This drop could be due, instead, to the fact that the market could be digesting that an operation with BBVA, including a hostile takeover, would be far from being achieved.

After Sabadell, the biggest falls were recorded by Fluidra (-2.77%), Telefónica (-1.28%), ArcelorMittal (-1.09%), Rovi (-1.03%) and Acciona Energía (-0 .87%). On the positive side, the increases in Grifols (2.80%), IAG (2.61%), Amadeus (2.42%), Indra (2.18%) and Ferrovial (1.97%) stood out.

In fact, the business field is marked by the publication of business results: Endesa has reported that it obtained a net profit of 292 million euros in the first quarter of the year, which represents a drop of 51% compared to the same period of the year. previous, when it registered positive impacts derived from the market context.

In addition, Rovi obtained a net profit of 15 million euros in the first quarter of the year, a figure 68% lower than that of the same period in 2023, when it earned 47.5 million euros, as reported this Wednesday by the pharmaceutical company, which will propose to its board a dividend of 59.6 million euros.

On the other hand, Fluidra closed the first quarter of the year with a net profit of 37 million euros, 10.2% less than a year ago, when it earned 41 million, while Amadeus earned 313.9 million euros until March, figure 19.6% higher than the 262.4 million euros of the same period of the previous year.

Logista obtained a net profit of 160 million euros in its first fiscal semester, a figure 27% higher than that registered in the same period of the previous year, the company reported this Wednesday.

Also in the business field, the State Society of Industrial Participations (SEPI) communicated this Wednesday to the CNMV that on May 3 it exceeded the threshold of 7% in the share capital of Telefónica, as well as the proposal that Carlos Ocaña Orbis joins the board of directors of ‘teleco’ as a proprietary representative of the State.

On a geopolitical level, Renta 4 analysts highlight that Israel’s invasion of Rafah, in the Gaza Strip, and the pause that the US has decided on sending weapons to Israel has had no impact on the market, as well as the increased tensions between the US and China after revoking Huawei’s license to buy semiconductors from Qualcomm and Intel.

Regarding the rest of the European stock markets, they were also trading positively, with increases of 0.96% in Paris, 0.56% in London and 0.55% in Frankfurt. Only Milan lost 0.10% in the mid-session.

In the raw materials market, the price of a barrel of Brent quality oil, a reference for the Old Continent, fell 1.20%, to 82.16 dollars, while that of Texas stood at 77.37 dollars , 1.29% less.

In the foreign exchange market, the price of the euro against the dollar fell slightly to 1.0751 ‘greenbacks’, while in the debt market the interest required on the 10-year Spanish bond climbed to 3.237%, with the risk premium at 78 basis points.