A well-deserved rest for Spanish equities, in line with the rest of Europe, except slightly up in Frankfurt, and also in collusion with the indicators on Wall Street. I breathe a sigh of relief in our country’s stock market after the highs with very marked falls and the banks, which remain very lukewarm after their strong annual advances, and the setbacks of Inditex.
The IBEX 35 closed the session with falls of 0.6% to 15,584.80 points, with an eye on the cuts in values such as Puig Brands B 6.7%, ArcelorMittal 2.75% and Repsol 2.18% and the increases experienced by companies such as Solaria 4.04%, IAG (Iberia) 2.99% and Acciona 2.76%.
Among the protagonists, positively IAG (Iberia). This afternoon we knew Bernstein’s target price for its shares, 5.41 euros per share, while he overweights the shares of the company chaired by Luis Gallego. They also consider that the airline is the best option among the European ones, which gives wings to the stock market value, with its maximums.
From a technical point of view, «if today we witness a daily close above €4,608 per share, as has been the case, upward continuity will be the most likely scenario for the coming sessions,» as indicated by Álvaro Nieto, Technical Analyst of Investment Strategies.
More news, the worst highlight of the day, Puig Brands, then JP Morgan, which has decided to cut its recommendation on the stock by two notches and halve its valuation.
Specifically, the US bank’s experts have cut it from ‘overweight’ to ‘infrontorar‘Puig’s recommendation, while they have reduced the target price to 12,50 eurosfrom the previous 25 euros. The new valuation implies a negative potential of -12.70% compared to yesterday’s close and 8.9% compared to the current price.
Falls also for Repsol. The oil company reached a production of 551,000 barrels of oil equivalent per day in the third quarter of this year, which represents a slight drop of 0.4% compared to the same period last year, while it raised its refining margin to 8.8 dollars per barrel in the period. 120% more than in the third quarter of 2024 when it stood at four dollars, according to the figures presented yesterday to the CNMV.
Final stretch also for the Hostile takeover bid by BBVA for Banco Sabadell in an operation that has lasted since May of last year. Tomorrow, October 10, the acceptance period for the takeover bid will end, although the figures will not be known until a week later. Today the newspaper Expansión assures that BBVA exceeds 20% acceptance in the takeover bid and is confident that the operation «will be a success.» The bank has set the goal of reaching at least 50%, but if it falls below it it could launch a second offer.
Today, Bankinter analysts believe that Naturgy (Gas Natural) is “at an attractive entry level”, with double-digit upside potential and a dividend yield of 6.5%. The recommendation is ‘buy’, with a target price of 28,60 eurosan assessment that represents a 10.16% upside potential compared to yesterday’s close.
And Ferrovial on the opposite side. JB Capital Markets warns that, despite the strength of the value, the risk of correction is around 21%.
Meanwhile, Iberdrola continues to gain followers, after the presentation of its Strategic Plan, especially for its presence in the United States to which it will dedicate 25% of the 58 billion expected in investments until 2028. This is the case of Jefferies. The American firm considers that Iberdrola continues to be a buy in the market, with a target price of 17.60 euros per share. That means that the potential upside for its shares currently reaches 7.2%.
Already in the rest of Europe, the EURO STOXX 50 which drops 0.43% to 5,625 points, the CAC 40 loses 0.23% to 8,041 points, the DAX gana 0.04% to 24,617 points, and the session in London ends for el FT 100 with decreases of 0.5% to 9,501 points.
On Wall Street, it’s also time to take profits after yesterday’s S&P 500 and Nasdaq highs. We talk about the results with PepsiCo which achieves exceed analyst expectations on both the revenue and profit lines thanks to the growth of the international business offset the decline in North America.
The beverage and snack giant posted adjusted earnings per share of $2.29, compared to the $2.26 analysts had expected. Revenues increased by 2.6% to a figure of 23,940 million, also exceeding the 23,830 million that the market had expected. Shares rise moderately at the open.
For its part, Delta Air Lines progress of almost 8% is recorded after beat market expectations and also improve your forecasts for the year . The airline earned an adjusted $1.7 per share in the quarter ended Sept. 30, above the expected $1.53. Adjusted revenues amounted to 15.2 billion, compared to the expected 15.06 billion.
The company projects adjusted earnings of between $1.60 and $1.90 per share for the fourth quarter, compared with the $1.65 per share analysts expected. Revenue in the last three months of the year will grow up to 4%, above the 1.7% that Wall Street expects.
At the close of the Spanish stock market, the DOW JONES 0.33% to 46,448 points, the S&P 500 gives up 0.23% to 6,735 points and the Nasdaq OMX It drops 0.27% to 202,980 points.
In fixed income, yields rise this Thursday with the 10-year Spanish bond, with advances of 0.9% to 3.244% while the German bund shows increases of 1% to 2.7039%. The Spanish risk premium rises 0.06% to 54.14 basis points.
In raw materials, with moderate falls for barrel futures. He Brent that gives up 0.5% to 65.91 dollars while West Texas places its price at $62.2339 and drops 0.51%.
He Oro cuts positions but remains at the level of 4,032 dollars per ounce while falling 0.79%.
Decreases of half a point, to $121,470 per asset. and the relationship Euro Dollarin which the single currency falls 0.52% and places the relationship between both currencies at 1.1568 units.