Spanish equities close a month that seemed worse on paper than it ended up being. It marks losses of 0.27%, but the truth is that this Friday it closes positively while exceeds the level of 11,600 points.
The tone of the session has been that of volatility, marked by the half-session factor that is held on Wall Street and with investors at half throttle, which since the closing yesterday for Thanksgiving and today with Black Friday in the United States, have left business volumes very low that have increased the movements of sign changes in the Spanish selective.
So, it ends a month marked above all by the clear victory of Donald Trump in the US presidential elections that will make him the 48th American president in January, and the second to return to the White House in all of his history. And that implies, de facto, an announcement already about the threat of tariffs to Europe, which can greatly impact companies, and which the market already read on November 6, marking the largest drop of the year in the indicator of 2.9%.
Finally, volatility and uncertainty settle in the selective, with everything negative despite its bullish background, so November ends with a drop of %.
In this way, at the close of Friday, the IBEX 35 fell 0.26% to 11,641.30 points, with increases for values such as Puig 1.27%, Caixabank 1.26%, Unicaja 1.16% and cuts for Telefónica 1.70%, Mapfre 1.13% and Redeia (REE) 1.11%.
This month there are two major players in the market: on the positive side, an IAG (Iberia)which rises more than 25% supported by the recommendations of market experts who suggested that 3 euros per share could be exceeded, something that the value has done this week with great ease. Its potential remains enviable, despite the clear upward progression, while investors continue to trust in a value that, since its January lows, has grown by no less than 90%.
The cross of the month goes to Grifols A. The analysts have been warning about it: If there is no exclusion takeover bid by Brookfield, The value will suffer in the stock market, and this has been the case in the November part. The blood products company sees the Canadian fund abandoning the offer, which, as a test, was valued at 10.5 euros per share to Grifols, but which was considered insufficient as an offer by its Board of Directors, has left the value back at the levels of last August.
Now, repositioning despite the 20% debacle in just two days, with an eye on the bears that return to value, but also on the opportunistic funds that reappear with new purchases. Now the fundamental thing is the refinancing of the 2025 maturities, the expected Capital Day for the first quarter of the year and, above all, that, on account of the former, the shadow of a capital increase does not return.
Among the news this Friday, the fall of Telefónica, which occurs after the breakdown of its agreement in Peru with the KKR fund and with Entel, the Chilean company, with the idea that the latter would enter the capital of Pangeaco , subsidiary of the Spanish operator.
All of this in the midst of a hangover after the Government said yes to the Saudi STC reaching 9.9% of its capital and after Telefónica’s subsidiary in Peru has approved a reduction in the company’s share capital of 1,150 million Peruvian soles. (about 290.6 million euros at the current exchange rate) to “absorb” losses of 2,800 million soles (almost 708 million euros) accumulated in the current fiscal year, as reported by the company in a statement.
Recovery today for Caixabank, clearly punished this week, thanks to its share buyback. In the second week of the program’s execution, CaixaBank acquired a total of 9.97 million securities at a weighted average price of 5.1329 euros, which represents a disbursement of more than 51.19 million euros. To date, the entity has repurchased a total of 15,112,459 shares, with a cumulative amount of 79.17 million euros.
In terms of recommendations, Naturgy (Natural Gas) is news, since it sees how JP Morgan raises its recommendation from ‘underweight’ to ‘neutral’. The entity expects Naturgy to benefit from the strength of gas prices in Europe, the tight conditions in the global LNG market and the resilience of electricity prices, which should drive profit growth between this fiscal year. and the next two years.
In addition, Morgan Stanley increases the value of Ferrovial shares to 46 euros, which represents a potential of more than 19%.
Already in the rest of Europe, the EURO STOXX 50 gained 0.96% to 4,804 points, the CAC 40 closed with increases of 0.78% to 7,235 points, the Dax ends with advances of 1.14% at 19,623 points and the London FT 100with gains of 0.06% to 8,286 points.
And on Wall Street, in this short session, with little business volume and no big business news, the DOW JONES Ind Average rose 0.48% to 44,935 points, the S&P 500 gained 0.57% to 6,032 points and the Nasdaq OMX advances 0.80% to 19,214 points.
On this day of Black Friday, of mass consumption in the US, Walmart’s shares rise half a point at the opening, while those of Target rise 0.6%, those of Tjx Companies remain practically flat, and those of Nike advance 0.4%, among other relevant names in the sector.
Regarding fixed income, with the bond Spanish 10-year loan drops to 2.802% with cuts of 1.51%while the German bund stands at 2.0920% and falls 1.55%. The risk premium rises to 71.90 basis points, with an increase of 1.27% while remaining 11 points below the French premium.
Regarding oil, climbs with a European Brent that advances in the future price of its barrel by 0.56% up to 73.17 dollars and an American West Texas that gained 1.19% in price to 69.58. He oro also gain 0.74% to $2,684 the ounce.
The Euro Dollar is trading barely moving with a positive level of 0.02% for the single currency, and is exchanged against the greenback at 1.0556 units. And Bitcoin is trading at $97,914 and is already advancing a significant 3.05%.