The Spanish index recovers ground in the final stretch of the session, moving away from 19,000 points. ACS leads the gains with an increase of over 2.5%, while Repsol and the banking sector drag down weekly losses.
The Ibex 35 has turned around a session that began with doubts. The Spanish index has surged in the last minutes, distancing itself from the 19,000 points mark, a level that has been in focus throughout the week. This movement comes after several days of punishment, particularly in the banking sector.
Shares of ACS are up more than 2.5%, leading the index. The company secured a contract this week in the United Kingdom to operate, maintain, and develop the Sellafield nuclear facility, the largest in the country. Additionally, Oddo has initiated coverage of the stock with a target price of 111 euros, according to Bloomberg. Cellnex and Aena are also trading at the higher end of the index.
On the negative side, the drop in oil prices weighs on Repsol, the Ibex company most exposed to crude. The banking sector is also experiencing widespread declines, although today’s drop is moderate compared to the accumulated punishment over the week. The rise in debt yields may be affecting investor sentiment, which is starting to discount a potential deterioration in credit demand.
The information, reported by xtb.com, indicates that the performance of the index continues to be conditioned by the financial sector and the evolution of commodities.
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