The Ibex 35 increases by 0.27% and advances above 11,800 points, encouraged by Iberdrola and energy companies

The Spanish selective distances itself from the losses in Europe

Oct. 23 () –

The Ibex 35 closed this Wednesday with an increase of 0.27%, reaching 11,865.2 points, in a day almost devoid of macroeconomic references but in which the results of Iberdrola – the second listed Spanish company in greater weight -, which have led to widespread increases in the energy sector.

The main indicator of the Spanish market has started the day positively, but with a downward trend that has made it pierce the negative sign at midday; However, when it was on the verge of losing the level of 11,800 points, the index turned around and approached 11,900 points, although it finally weakened in the final stages of the negotiation.

Specifically, the business agenda has been dominated by the fact that Iberdrola registered a net profit of 5,470.7 million euros until September, which represents an increase of 50.4% compared to the same period in 2023, driven by the millionaire capital gains recorded with the sale of assets in Mexico.

The energy company has once again improved its forecasts for 2024 in which it points to new record profits and dividend. In fact, it will distribute at least 0.23 euros per share in January as an interim dividend against 2024 results, 14% more than the 0.202 euros per share distributed as an interim dividend in 2023.

Continuing in the corporate wake, Dominion has published its results for the first nine months of the year, in which it obtained profits of 20.1 million euros, 26% less. In addition, it has reported the sale of its industrial maintenance services business to Serveo, in which Portobello Capital has a stake, for 27.5 million euros.

Outside of Spain, this Wednesday the market is receiving the accounts of entities such as Boeing (tripled losses, up to 7.4 billion euros), Coca-Cola (earned 2.6 billion, 7.7% less), Tesla, IBM, General Dynamics , Michelin or Thales, among others.

Within the ‘macro’ agenda, this Wednesday the preliminary data on consumer confidence in the eurozone in October was released, which has improved less than expected and remains in negative territory.

On the other side of the Atlantic Ocean, in the United States the fall in second-hand home sales has been published in September, when stagnation was expected and, in a few hours, the ‘Beige Book’ of the Federal Reserve will be released (Fed), in which investors will look for clues related to monetary policy.

This Wednesday’s day has also been marked, in addition to the publication of business results, by the meeting of finance ministers and central bank governors of the G20, where the president of the European Central Bank (ECB), Christine, participated. Lagarde.

In that sense, the head of the ‘guardian of the euro’ has asked for caution when addressing the next rate movements and has warned of a rebound in inflation above 2% in the coming months.

At the close of trading, the biggest rise within the Ibex 35 was recorded by Puig, which rose 3.63%, followed by Enagás (+2.4%), Iberdrola (+1.48%), Acciona ( +1.26%), Bankinter (+1.09%), Acciona Energía (+1.04%), Endesa (+0.82%) and Naturgy (+0.78%).

On the other hand, on the decline side, Indra (-1.34%), Sacyr (-1.33%), Banco Sabadell (-1.29%), IAG (-1.2%), Rovi (- -0.98%), ArcelorMittal (-0.95%) and Grifols (-0.84%).

The main European stock markets have opted for losses: Milan has subtracted 0.1%; Frankfurt 0.23%; Paris 0.5% and London 0.58%. Wall Street, waiting to receive Tesla’s results, recorded drops of more than half a percentage point at closing time in Europe.

At the same time, the price of a barrel of Brent quality oil, a reference for the Old Continent, stood at 74.9 dollars, 1.5% less, while Texas fell 1.56%, to 70 $.63.

In the currency market, the price of the euro against the dollar stood at 1.0776 ‘greenbacks’, 0.22% less, while in the debt market, the interest required on the 10-year bond has closed at 3% after subtracting three basis points, with the risk premium with respect to the German bond at 69.7 points.

The Troy ounce of gold depreciated 1% and was trading at $2,720, while Bitcoin fell 2.3%, until trading at $66,000.