European stock markets faced the last session of the week in a bullish mood after days of hesitation and setbacks. The momentum of some macro data and the good technical aspect of the charts, relieved from accumulated overbought, they pulled up the indexes. The IBEX 35 progress of 0.42% was noted at the close, to place its graph at 9,224.6 points.
The Spanish index returned to conquer new yearly highs and, in addition, its seventh consecutive week in green. A bullish duration that equaled his longest streak since May 2018, when it added a period as long as now without testing the weekly declines.
In front of the advances of the Ibex, it was placed Inditex, which is up 2.5% after receiving a generous recommendation upgrade from HSBC analysts, who now put the textile price target at € 36 per share.
In addition, it was added Indra, who breathed a very shy 0.07% after punishment sessions motivated by expulsion from the presidency of Fernando Abril-Martorell. The fact that his replacement, Marc Murtra, does not have executive functions seemed to alleviate some of the market malaise.
Also higher at the close were the shares of Siemens Gamesa (+ 2.3%). And, at a greater distance, values such as Merlin Properties (+ 1.9%), Mapfre (+ 1.7%) and Almirall (+ 1.5%).
On the side of the descents, the protagonist of the session became the red lantern of the selective. Sabadell Bank suffered losses of 6.5% to its price when fitting its new Strategic plan. The entity’s roadmap, which rules out the eventual sale of its British subsidiary TSB, foresees earnings of 700 million euros for the end of the 2023 financial year.
Beyond the bank, descents to Fluidra (-2.5%), Meliá Hotels (-two%), Solaria (-1.5%) and Bankinter (-0.6%). The actions of Telephone lost 0.3%, but reached the weekly close above 4 euros per share. A level that they maintained by a margin of 3 cents in the week in which the company gave details of its next election dividend.
Meanwhile, the consistent and insistent message from central banks was once again having its effect on the secondary debt market. The Spanish ten-year bonds saw their profitability decrease up to 0.47%. The risk premium it relaxed to 67 basis points.