The Ibex marked a solitary path in this Wednesday’s session, only accompanied by the British stock market, as they are the only indices on this side of the Atlantic and on Wall Street that achieve pTurn their numbers green in the exercise. Thus, it leaves its annual accounts with a rise of 0.5%, compared to the 1.9% advanced by the London index. The national index has already managed to exceed the 8,713.80 points with which it closed 2021 barely a month ago, on April 20.
However, the selective of the 35 barely resisted in positive a couple of sessions, because on April 22 it returned to negative ground. Since then, volatility has marked the path of an index that continues to achieve one of the best performances, not only at a European level, but also worldwide. All this, in a period of time marked by market lurches, such as the first rise in interest rates by 50 basis points in 22 years by the US Federal Reserve.
Compared to other indices more affected by these fluctuations, especially Wall Street, the Nasdaq 100 has already been in a bear market for several weeks and the S&P500 has glimpsed it closely, losing 28% and 18% respectively in the year, or the falls the Ibex has managed to get chest. This good resistance is due, on the one hand, to the exposure that many companies in the index have to the Latin American market and, on the other, toa significant weighting of the financial sector that benefits from possible increases in interest rates.
“The situation favors the Ibex, we are in a sweet moment for the part of energy, banks, materials or oil that we have. It is possible that this year will be a little special and that the return of tourism will be the catalyst we need. Spain also offers us a interesting savings in terms of receiving tax planswe will be the largest recipients and if we know how to channel this aid well, it will sustain growth,” said Patricia López del Río, head of equity at Credit Suisse, during the presentation of prospects this Wednesday in Madrid.
At a technical level, the Ibex has managed to overcome the resistance marked by the adviser of eco trader, Joan Cabrero, in the 8,650 points. Exceeding this area opens “the possibility of seeing rises towards 8,900-9,000 points, which is the key resistance in the medium term that must be overcome to definitively remove the risks of witnessing greater falls in the coming months,” says Cabrero. With the 8,760 points with which the Ibex closed the day yesterday, the index is 1.6% away from these new resistance levels marked by Cabrero. “An eventual fall in the short term will not put this bullish hypothesis in check or be dangerous for a scenario of continuation of the rises as long as it does not go below 8,340 pointswhich is the support that kept the selling pressure at bay in last Thursday’s fall”, concludes the expert.
The Ibex 35 is not only having one of the best behaviors both in the Old Continent and outside it, but also continues to be one of the indexes that is bought cheaper on both sides of the great puddle. The Spanish stock market presents a PER of 12.3 times that the profit is collected in the share price, compared to 17.40 for the S&P 500 or 21.25 for the Nasdaq 100 technology index.
good year for energy
By values, 60% of the firms that group the selective of the 35 manage to place their annual balances in positive. Eleven stocks are also above a 10% advance and seven of them recorded increases of more than 20%.
Repsol, which managed to revalue nearly 45% this year, is at the head of the most bullish companies in the index in 2022. Without a doubt, the still active war between Russia and Ukraine, which has already accumulated three months of conflict, has largely benefited the energy sector, due to the constant rises in raw materials such as gas and oil. Ace, Among the increases in the Ibex 35 are a total of seven companies in the energy sector.
The European renewable energy industry has also benefited from Brussels’ search for independence from Russian gas, through the promotion of renewable energies. Thus, among the main increases are also some companies in the sector such as Solaria, which presents an increase of more than 34% and is placed as the fourth most bullish company of the selective of the 35 so far in 2022.
On the other hand, the Spanish banking sector is also being promoted in 2022. Of the five banks that make up the Ibex 35, three are among the most bullish of the index: CaixaBank, Banco Sabadell and Bankinter, despite the fact that BBVA continues to experience losses (see chart).
On the other side of the coin, there are 15 values that are negative. Eight of them drop more than 10%, three even show losses greater than 20%. Fluidra leads the descents, by losing about 34% of its value so far in exercise. Another of the major affected, in part by inflation and clashes between Russia and Ukraine is Inditex. Its fall of close to 28% establishes it as the second most bearish of the year for the entire Ibex.