The Ibex 35 rises 0.65% and closes on the edge of its annual maximum above 11,100, paying attention to BBVA and Sabadell

MADRID, 8 May.

The Ibex 35 rises 0.65% and closes on the edge of its annual maximum above 11,100, paying attention to BBVA and Sabadell


The Ibex 35 closed this Wednesday with a rise of 0.65%, reaching 11,153.0 points, in a day in which investors have once again been paying attention to Banco Sabadell and BBVA, after the latter warned that has "no room" to improve its merger offer in economic terms.

The main indicator of the Spanish market has thus closed on the edge of its annual maximum, reached on April 26 at 11,154.6 points, levels unprecedented until then since August 2015. Since the week began, the national indicator has accumulated an advance of 2.75%, equivalent to almost 300 points.

Going into the details of the day, Sabadell made public this Wednesday in a communication to the National Securities Market Commission (CNMV) a letter that the president of BBVA, Carlos Torres, sent last Sunday, May 5, to his counterpart at the Bank. Sabadell, Josep Oliu, informing him that there was "no room" to improve the merger offer "in economic terms."

In this way, Sabadell has recorded the biggest drop at the close of the session, with a decline of 4.33%, although the share remains minimally below the 1.8 euros per share that it reached last week after knowing the BBVA's intentions. Since the presentation of first quarter results, on April 25, the stock has appreciated almost 10%, while since the beginning of the year it has skyrocketed by more than 61%.

This drop could be due, instead, to the fact that the market could be digesting that an operation with BBVA, including a hostile takeover, would be far from being achieved.

After Sabadell, the biggest falls were recorded by Fluidra (-3.69%), Telefónica (-2.2%), Rovi (-1.69%), ArcelorMittal (-1.42%) and Bankinter (-0 .53%). On the positive side, the increases in Amadeus (3.36%), IAG (3.19%), Sacyr (2.12%), Redeia (1.37%) and Inditex (1.3%) stood out.

In fact, the business field has been marked by the publication of business results: Endesa has reported that it obtained a net profit of 292 million euros in the first quarter of the year, which represents a drop of 51% compared to the same period. from the previous year, when it recorded positive impacts derived from the market context.

In addition, Rovi obtained a net profit of 15 million euros in the first quarter of the year, a figure 68% lower than that of the same period in 2023, when it earned 47.5 million euros, as reported this Wednesday by the pharmaceutical company, which will propose to its board a dividend of 59.6 million euros.

On the other hand, Fluidra closed the first quarter of the year with a net profit of 37 million euros, 10.2% less than a year ago, when it earned 41 million, while Amadeus earned 313.9 million euros until March, figure 19.6% higher than the 262.4 million euros of the same period of the previous year.

Logista obtained a net profit of 160 million euros in its first fiscal semester, a figure 27% higher than that registered in the same period of the previous year, the company reported this Wednesday.

Also in the business field, the State Society of Industrial Participations (SEPI) communicated this Wednesday to the CNMV that on May 3 it exceeded the threshold of 7% in the share capital of Telefónica, as well as the proposal that Carlos Ocaña Orbis joins the board of directors of 'teleco' as a proprietary representative of the State.

On a geopolitical level, Renta 4 analysts highlight that Israel's invasion of Rafah, in the Gaza Strip, and the pause that the US has decided on sending weapons to Israel has had no impact on the market, as well as the increased tensions between the US and China after revoking Huawei's license to buy semiconductors from Qualcomm and Intel.

On the macroeconomic agenda of the day, it has been published in Spain that the General Industrial Production Index (IPI) fell 11.3% in March compared to the same month in 2023, a rate 15.6 points lower than that of the previous month and its biggest drop since May 2020, in the middle of the pandemic, when it plummeted by 28%, as reported by the National Institute of Statistics (INE).

For its part, Germany's industrial production in March has fallen by 0.4% in a monthly rate, less than expected by the market, after having recorded an advance of 1.7% in February.

Regarding the rest of the European stock markets, the positive sign has predominated in most places: Frankfurt has risen 0.37%; London 0.49% and Paris 0.69%. In contrast, Milan has dropped 0.27%.

In the raw materials market, the price of a barrel of Brent quality oil, a reference for the Old Continent, rose 0.63% at closing time in Europe, to $83.68, while that of Texas It stood at $79, 0.8% more.

In the foreign exchange market, the price of the euro against the dollar remained unchanged at 1.0754 'greenbacks', while in the debt market the interest required on the 10-year Spanish bond closed at 3.243% after adding four basis points, with the risk premium (the differential with the German bond) at 78.2 points.