The Ibex falls 1.4% due to increased uncertainty, with Naturgy soared by more than 8%

MADRID, 16 Abr.

The Ibex falls 1.4% due to increased uncertainty, with Naturgy soared by more than 8%


The Ibex 35 fell 1.36% towards the middle of the session, in a context of accumulation of risks and uncertainties, highlighting the rise of more than 8% in Naturgy due to the possible entry of new investors, something confirmed by CriteriaCaixa, shareholder of reference with 26.7% of the capital.

Although Iran's attack on Israel in response to the hostilities against its embassy in Damascus was not felt this Monday, the increase in tensions with a possible escalation ended yesterday affecting the US indices.

Added to this was higher-than-expected retail sales data in the United States, with an increase of 0.7% in March, compared to the 0.4% that the market expected. This higher-than-expected consumption, along with more persistent-than-expected inflation, could be a sign that the Fed's interest rates will remain at their current level for longer and that any potential cuts this year will be smaller than expected. My dear.

During this morning there have also been falls of around 2% in the Asian indices. Today it was learned that China's GDP registered an expansion of 1.6% in the first three months of 2024, although analysts predict a downward correction in the future due to the uncertainty of external demand and the 'brick' crisis.

The chief China economist at Oxford Economics, Louise Loo, has advanced that although real GDP accelerated sequentially in the first quarter, supported by the excellent performance of the manufacturing sector and household spending, the activity data of March "suggest that momentum is fading" and, with inventory builds likely to be substantial, post-holiday normalization of retail sales, weak and unpredictable external demand, and still-cautious stimulus, it is expected that growth "will slow in the second quarter."

In this context, the Spanish selective was led by Naturgy towards the middle of the session, with an increase of 8.07%. This Tuesday, CriteriaCaixa confirmed that it is holding "preliminary" conversations with a potential investment group that is "in contact with some of Naturgy's reference shareholders and interested in reaching a potential partner agreement with Criteria."

One of the possible investors would be a private group from the United Arab Emirates (USA), specifically from Abu Dhabi, which would keep all or part of the capital that is currently in the hands of the CVC and GIP funds - which control 41.3 % of the total--.

So far this year, the energy company, the largest gas company and the third largest electricity company in Spain, has left almost 20% of its share price on the stock market, and the National Securities Market Commission (CNMV) warned at the beginning of April about the company's low floating capital.

On Tuesday's trading, only four other companies were trading in 'green' towards mid-session behind Naturgy: Acciona Energía (1.89%), Solaria (1.16%), Redeia (0.57%) and Endesa (0.29%).

On the other hand, the companies with the worst performance were Acerinox (-7.53%), ArcelorMittal (-6.39%), Rovi (-2.84%), Banco Sabadell (-2.75%, affected by the effect ex-dividend), Mapfre (-2.68%) and Colonial (-2.52%).

The falls on the stock market have been widespread in the main European stock markets. London fell 1.57%; Paris, 1.34%; Frankfurt, 1.44%; and Milan, 1.69%.

In the raw materials market, a barrel of Brent fell 0.32%, to $89.81, while West Texas Intermediate (WTI) stood at $85.07, 0.40% less.

In the debt market, the yield on the Spanish bond maturing in 10 years has risen again, reaching 3.300% in the mid-session, compared to 3.277% at Monday's close. The risk premium (the differential against the yield of German debt) has advanced only five tenths, to 84.2 basis points.

In the foreign exchange market, the euro remained practically stable against the dollar, trading at an exchange rate of 1.0630 'greenbacks' for each unit of the community currency.