Madrid shares higher midday; main blue chips up, builders in focus

Madrid shares higher midday; main blue chips up, builders in focus

	Published : Mon, 15 Jan 2007 13:08 By : Agencies Print this Story

MADRID (AFX) - Share prices were higher midday in quiet trade ahead of the US markets' holiday, with the main blue chips in demand and builders in focus, dealers said.

At 12.30 pm, the IBEX-35 index put on 61.4 points to 14,429.6, after trading in a range of 14,411-14,455, on turnover of 1.8 bln eur.

Equities opened higher, buoyed by Wall Street's firm close on Friday and overnight gains in Asia, extending gains over the morning.

Main blue chips were firm, with Telefonica up 0.02 eur at 16.94, BBVA putting on 0.10 to 19.03, SCH adding 0.04 to 14.33, and Repsol YPF gaining 0.32 to 25.54.

Builders were in focus, with Ferrovial putting on 1.55 or 2.15 pct to 73.55, amid news that its ADI consortium will press on with UK airport operator BAA's bond refinancing. The constructor also benefited from news that it is eyeing an acquisition in the UK residual waste sector.

After going ex-dividend today, ACS slipped 0.03 to 41.69, and Acciona gained 1.40 to 142.20.

Sacyr put on 0.42 to 44.28 and FCC added 1.40 to 79.15.

Domestically focused banks were also higher, with Banco Popular up 0.13 at 14.78, ahead of its full-year results due out this week, Bankinter 0.25 higher at 60.45, also ahead of results this week, and Banco Pastor up 0.11 at 15.70.

Hotel stocks were lower, with NH Hoteles 0.18 lower at 16.19, as recent bid talk faded, and Sol Melia was off 0.05 at 15.82.

Iberia was flat at 3.00, off an earlier high of 3.05, amid news the flagship is intensifying negotiations with its pilots union over a productivity agreement.

Abertis was flat at 22.53, after the company played down reports of interest in two Belgian airports.

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