Monday, June 24, 2024

Opposite Trend In The Stock Market

The shares of Banco Sabadell, which celebrated the merger with BBVA before being announced, correct today on the stock market when the breakdown took place.

Sabadell has set a first price at 0.33 euros, which represented a fall of 18%. However, as the session progresses, these falls have moderated to around 10%, to 0.35 euros.

For its part, BBVA shares that started the day down, rose 2.6% to 3.86 euros and are the most bullish of the Spanish selective.

Opposite trend in the Stock Market: Sabadell plummets 10% and BBVA rises 2.5%.The banks have not reached any agreement for their merger

The rest of the sector shows a mixed trend. On the one hand, Bankinter and Bankia accompany Sabadell on the side of the falls – although in no case do they reach 1% – while Santander and CaixaBank advance positions.

The Sabadell share had already corrected since it touched 0.45 euros last week. Onur Genç’s statements indicating that they would not buy the Catalan entity at any price punished the price, which yesterday deepened the correction with a decrease of 5%.

Nothing to do with the meteoric rise on Monday 16. Although the negotiations were announced at the close of the market, the entity advanced 24.6%, followed by 6.75% the following day.

In the case of BBVA, the reaction was twofold, to the extent that on Monday the 16th the entity announced the sale of the subsidiary in the US for 9,700 million.

It rose 15.25% that day, but on the following day it corrected 4.4%. However, it has regained ground and closed on Wednesday at levels not recorded since February, when the pandemic began to sink the world stock markets.

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