Puig will enter the national selection on July 22
9 Jul. () –
The Ibex 35 closed this Tuesday with a fall of 1.12%, reaching 10,898.8 points, a minimum not seen for two months, on a day in which the president of the United States Federal Reserve (Fed), Jerome Powell, warned that “more positive data” are needed before initiating interest rate cuts and in which European markets have been affected by the falls in France due to doubts surrounding the country’s governability and the management of its debt.
The Spanish index started the session with significant losses and, although it partially recovered at midday and tried to return to the 11,000 point level, it finally intensified its declines in the last part of trading, weighed down by almost all the stocks in the ‘red’, as only Naturgy managed to rise during the day.
It is also worth noting that the Ibex Technical Advisory Committee agreed this Tuesday – after the market closed – in its extraordinary meeting that the perfumery Puig Brands will become part of the Ibex 35 index as of July 22, replacing Meliá.
In the scant macroeconomic agenda of this day, it has barely been highlighted that the Public Treasury has placed 2,031.52 million euros in the new auction of three- and nine-month bills, within the average range expected, and has done so by reducing the yield offered in both references, which are at their lowest level for the year, according to data from the Bank of Spain.
The annual inflation rate of the Organisation for Economic Co-operation and Development (OECD) accelerated last May to 5.9% from 5.7% in April, which represents the largest increase in prices among advanced economies since December 2023, reflecting the higher cost of energy.
In the business arena, investors have continued to keep an eye on Grifols, which confirmed on Monday that the Catalan entity’s family shareholders have reached an agreement with the Brookfield fund to evaluate a possible joint takeover bid (OPA) for the entire share capital of the blood derivatives company.
After having risen almost 10% yesterday, the blood derivatives company has advanced more than 5% at the opening, taking the stock above 10 euros; however, the value has deflated throughout the day and has turned to losses, losing 2% at the close.
Iberdrola has reached an agreement to sell the lease of the land that will be used for the Kitty Hawk North offshore wind farm to Dominion, the company said, adding that the transaction is valued at 160 million dollars (around 150 million euros).
Iberdrola has placed €750 million in 10-year green bonds with strong support from investors. The electricity company is issuing debt with a demand of more than €4 billion before presenting its half-year results on 24 July. The amount demanded has multiplied by more than 5 times the amount placed, which has allowed the coupon to be set at 3.625%.
Also linked to the energy sector, it is worth noting that the Government has approved the distribution of aid amounting to 794 million euros for a total of seven major projects led by Repsol, Iberdrola, Endesa and EDP Spain to boost Spain’s commitment to green hydrogen, which will add an additional electrolysis capacity of 652 megawatts (MW) powered by solar, wind and hydraulic energy, and will mobilize investments of more than 6 billion over their useful life.
Given this situation, the only stock that has managed to advance at the close of the session has been Naturgy (+0.09%), while on the broad side of the declines the most notable were Meliá (-3.22%), Rovi (-3.19%), Logista (-2.78%), Indra, which has lost 2.57% due to the ‘ex-dividend’ effect, Repsol (-2.45%), ArcelorMittal (-2.21%), Ferrovial (-2.1%), Grifols (-2.05%) and IAG (-1.97%).
The main European stock markets, which had been showing mixed trends at midday, ended up united in closing in the red, led by France: Milan lost 0.53%; London 0.66%; Frankfurt 1.28% and Paris 1.56%.
The price of a barrel of Brent crude oil, the benchmark for the Old Continent, fell by 1% at the same time, to 84.9 dollars, while that of Texas crude oil stood at 81.6 dollars, 0.9% less.
On the currency market, the euro fell 0.1% against the dollar to 1.081 euros, while on the debt market the interest rate on 10-year Spanish bonds closed at 3.353% after gaining five basis points, with the risk premium (the differential with the German bond) at 77.7 points.
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