The Ibex 35 closed the week at 19,369.50 points, with a rise of 3.84%, marking its best advance since April. The index resisted the tech slump on Wall Street.
According to merca2.es, the Ibex 35 closed the week at 19,369.50 points after rising 3.84%, its best weekly advance since April. Friday's session ended with a decline of 0.60%, according to data from Bolsas y Mercados Españoles.
So far in 2026, the index has accumulated a revaluation of 11.91% and 20.90% over the last twelve months. The week was marked by fears that the new political cycle in the United States could hinder the expansion of data centres and doubts about the return on investment in artificial intelligence.
According to an analysis by XTB, the lower technological exposure of the Spanish index has favoured its relative performance against the Nasdaq. The Ibex has significant weight in banking, energy, and infrastructure, and very little in software.
The Ibex is not immune to the AI frenzy; it is just less exposed to the narrative and more to the tangible benefits of the energy and infrastructure business.
The analysis house cites Solaria as an example of a link that still exists. Its combination of renewable generation and infrastructure for data centres can benefit it, but it also makes it sensitive to a cooling of expectations.
In Friday's session, Solaria (+3.56%), Acciona Energía (+3.36%), Merlin Properties (+2.84%), and ACS (+2.41%) led the gains. On the downside, Acerinox (-3.55%) topped the declines, followed by Fluidra (-2.28%), Mapfre (-1.85%), and Telefónica (-1.83%).
The rest of the European stock markets closed the week in negative territory. The FTSE 100 fell by 1.01%, the CAC 40 by 0.81%, the DAX by 1.92%, the FTSE MIB by 0.90%, and the Euro Stoxx 50 by 0.98%. On Wall Street, the Nasdaq 100 rebounded by 1.54% on Thursday, while the Dow Jones slipped by 0.02%.
In the mobility sector, Amadeus recorded a net profit of 1,081.6 million euros between January and September, a 0.6% decrease from a year earlier. IAG earned 2,264 million after taxes in the same period, a 16.2% decrease. Both companies cited rising fuel costs and disruptions stemming from the conflict in the Middle East.
The Brent was down 0.85% to 97.45 dollars, and the WTI was around 90.44 dollars. The yield on the Spanish ten-year bond was at 3.835%, with a risk premium over the German bond of 59.24 basis points.
Christian Gattiker, head of Research at Julius Baer, noted that extreme volatility and signs of capitulation suggest that markets may be closer to a significant bottom than many fear.
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