Madrid shares close up led by builders, renewables; Telefonica off UPDATE

Madrid shares close up led by builders, renewables; Telefonica off UPDATE

	Published : Tue, 23 Oct 2007 17:14 By : Agencies Print this Story

(Updates with full report)

MADRID (Thomson Financial) - Share prices closed higher, led by firm gains in the builders and renewable energy stocks, while Telefonica was the main blue chip to buck the overall firm trend.

The IBEX-35 index closed up 101.8 points at 15,429.60, after trading in a range of 15,363-15,479.

Equities opened higher, lifted by overnight strength in the US and Asia, extending gains over the morning amid positive sentiment to upbeat corporate earnings news from US companies like Apple and American Express.

A raft of robust European results also lent support mid-session, although the market pared gains over the afternoon as Wall Street turned mixed in early trade.

Constructors led today's rebound, with Sacyr up 1.30 eur or 4.74 pct at 28.74, while Acciona put on 4.55 to 204.55 and ACS was up 0.68 at 38.72.

Renewable and alternative energy issues were firm amid continuing positive sentiment, with Gamesa up 1.09 at 32.41, Fersa climbing 0.68 or 8.72 pct to 8.48 and Solaria advancing 0.57 to 17.45.

The main blue chips saw demand, with Santander up 0.08 at 14.07 and BBVA adding 0.05 to 16.95, ahead of third-quarter results tomorrow. But Telefonica bucked the trend, to close down 0.07 at 22.42. Repsol YPF was also on offer, off 0.07 at 26.67.

Iberdrola put on 0.10 to 11.01, ahead of third-quarter results and its new strategic plan to be revealed tomorrow, with expectations in place for an update on the planned IPO of its renewables division.

Other gainers today included steel issues Acerinox, up 1.17 at 20.70 and Tubacex, up 0.56 at 7.56, both benefiting from an upbeat outlook for stainless given by Outokumpu.

Media stocks were also firm, with Telecinco up after the broadcaster said that gross television advertising revenues grew 15 pct in the third quarter from a year earlier.

Antena 3 added 0.37 to 13.23.

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