Madrid shares close higher; Acciona up 4.9 pct UPDATE

Madrid shares close higher; Acciona up 4.9 pct UPDATE

	Published : Wed, 07 Feb 2007 18:56 By : Agencies Print this Story

(Updates with full report)

MADRID (AFX) - Shares closed at a record high, the fourth this month led by Acciona, in focus in the wake of the Endesa bid saga, dealers said.

The IBEX-35 closed up 151.40 points at 14,854.6, after trading in a range of 14,867-14,708.

The February future on the Ibex-35 closed at 14,864.0, up from 14,725.0 Tuesday on around 14,492 contracts.

Equities opened higher, after a positive close on Wall Street, and climbed to record intrasession highs amid continuing focus on leading Spanish utilities and further lifted by expectations of a positive start in US markets.

The index maintained momentum throughout the afternoon to close near session highs.

Acciona led the charge, up 7.70 eur or 4.94 pct at 163.45 as markets await the outcome of a board meeting this week and news of its position in the Endesa bidding saga. Earlier a spokesman for the builder confirmed the board will discuss E.ON's 38.75 eur per share bid for the electricity group.

Endesa gained slightly, up 0.14 at 37.99.

Utilities were in focus on sector M&A talk with Fenosa up 1.75 or 4.38 pct to 41.75.

A market rumour in Germany that EdF is looking to acquire Iberdrola pushed it up 1.01 or 2.97 pct to 35.01. EdF later denied the rumour but news of fresh stakebuilding by businesswoman Alicia Koplowitz's investment vehicle Omega Capital continued to buoy the stock.

Media stocks were under the spotlight after Italy's RCS said it has approved a proposal to buy Recoletos, the privately owned media group formerly part of the UK's Pearson Plc, valuing the company at 1.1 bln eur.

Prisa rose 0.54 or 3.71 pct to 15.10, as dealers responded positively to news that the company has made a second bid for the 26.3 pct of Media Capital that it does not already own, successfully dodging the potentially expensive acquisition of a much larger stake in the Portuguese company.

Sogecable added 0.76 or 2.76 pct to 28.29.

Mapfre added 0.07 to 17.35 after its full year to December results beat forecasts.

Among leading blue chips, BBVA was up 0.16 to 20.08, SCH gained 0.03 to 14.41 and Telefonica climbed 0.19 to 16.98.

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