The selective returns to rubbing shoulders with the highs of the year


At midday this Friday, the Ibex 35 consolidated the opening increases and registered an increase of 0.78%, reaching 11,135.4 points – so it once again glimpses the highs of the year -, with almost all the values ​​in ‘green’ after the whirlwind that was unleashed yesterday by the announcement by the entity chaired by Carlos Torres to launch a hostile takeover bid for Sabadell.

The main indicator of the Spanish market provisionally recorded an advance in the weekly accumulated of 2.5%, thus recovering almost all of the ground lost last week, when it fell 2.69%.

After leading the declines of the selective yesterday with a fall of 6.7%, BBVA recorded a rebound of 2% at midday, while Sabadell, which advanced more than 3% yesterday, climbed 0.5%. Late this Thursday, the Catalan entity accused BBVA of violating the takeover law by having provided “incomplete” data on the operation that may affect the market.

Thus, in the middle section of the negotiation, the values ​​that rose the most were Fluidra (6.5%); Meliá, which appreciated 4.2% after presenting its results yesterday; ArcelorMittal (2.4%); Acciona (2.38%) and Acerinox (2.36%).

At the opposite extreme, only four stocks recorded losses at midday: Ferrovial (-2.2%), Sacyr (-0.45%), Telefónica (-0.38%) and Merlín (-0.37%).

On the business agenda, IAG has reported that it recorded losses after taxes of 4 million euros in the first quarter of 2024, which represents a decrease of 95.4% compared to the ‘red numbers’ of the same period of the year. previous, which amounted to 87 million.

In the macroeconomic section, it has been known that the gross domestic product (GDP) of the United Kingdom grew by 0.6% in the first quarter of the year, its highest rate of expansion in two years, which allowed the British economy to emerge from the recession, after the contraction of 0.3% in the fourth quarter and 0.1% in the third quarter of 2023.

In addition, the minutes of the last monetary policy meeting of the European Central Bank (ECB) will be known throughout the day, in which the central bank left interest rates unchanged at 4.5%. Investors will be looking for clues about a first rate cut ahead of the June meeting.

The positive tone was the common denominator among the European places: Frankfurt added 0.68%; Paris 0.83%; London 0.85% and Milan 1%.

Wall Street closed yesterday with gains after the rise in weekly unemployment claims. In this regard, Banca March experts pointed out this morning that the market “will continue to reward this contained weakness, which removes the possibility of seeing a more ‘hawkish’ tone [from the Federal Reserve] in the coming months.”

The price of a barrel of Brent quality oil, a reference for the Old Continent, rose 0.54% at midday, to 84.33 dollars, while Texas stood at 79.78 dollars, 0.66% further.

In the foreign exchange market, the price of the euro against the dollar remained at 1.078 ‘greenbacks’, while in the debt market the interest required on the 10-year Spanish bond fell to 3.248%, with the risk premium ( the differential with the German bond) at 78.3 points.