Wednesday, June 19, 2024

For The First Time Since March IBEX-35 Has Recoverd 8000 Points

The IBEX 35 returned to its pre-pandemic levels on Tuesday after the escalation in recent weeks

Advances in Covid vaccines are driving the recovery of the IBEX 35 . The Spanish selective revalued 23% in November and even registered the highest rise in a decade two weeks ago. This Tuesday, the index recovered 8,000 points, a barrier that it had not exceeded since last March.

The IBEX closed the session with a rise of 2.03% to 8,143.20 points, consolidating its levels prior to the collapse of the markets due to the pandemic, in mid-March.

In the previous session, the IBEX was left behind after the announcement of the efficacy of the Astrazeneca vaccine . The prospects for an increase in the European stimulus package – Spain will be one of the biggest beneficiaries of the deal – ended up confirming the consolidation of the IBEX.

Among the values ​​that drove this consolidation , the performance of Telefónica stood out . The operator rose 8.80% to 3.58 euros per title thanks to a positive report by the Fitch agency.

A rebound after the punishment suffered this Monday, when it fell 4.15%, after the downgrading of its rating from S&P Global due to the impact of the coronavirus on its business. However, the agency changed its rating for the next two years towards a stable outlook.

“It stands out that in the period 2021-2022 the recovery of the Spanish company could generate stable and optimal levels, especially in the Spanish market,” IG Markets analysts point out in a comment.

Meliá continues its rally.The hotel company Meliá was another driving force behind the rise in IBEX, continuing the rally that started in the first session of the week. This Monday, the company’s prices rose by 5.89%, leading, together with IAG , the comeback in the tourism sector. A day later, their titles closed with an advance of 7.90% to 5.39 euros.

Stocks in the materials sector such as ArcelorMittal , which continues to rise due to the better prospects for steel, and Repsol , driven by its shift towards renewable projects, closed the largest increases in the IBEX with increases of 7.05% and 6.27% respectively .

Banks, for their part, also contributed to the boost in the index, with Santander , Sabadell and BBVA as the largest increases in the sector.

10,000 points at stake.Once the 8,000 point barrier has been exceeded, analysts already anticipate higher levels for the selective Spanish. “He has rebounded from life support, he looks good,” he pointed out from to

In this sense, the “first objective” after the rebound, set at 8,300 points, could take the index to 10,000 points, a level that has not been on the ground since last February.

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