The Spanish stock market begins the week with its sights set on holidays, with investors clearly on the downsidewhich has been noticed, due to the Christmas holidays and this global semi-festive week in the world stock markets. Let us remember that tomorrow the Spanish stock market will only trade for half a sessionwith scheduled closing at two in the afternoon and that, given the unification of schedules in Europe, On December 26, which is Saint Stephen’s Day, the squares of the Old Continent close, including ours.
But as far as Monday is concerned, the Spanish stock market has been marked by low business volume and movements in narrow ranges on either side that have only varied, in the final part of the session when the falls of the banks They have become more visible along with those of Inditex, the highest value of the selective which weighs around 17%. Therefore, with almost 47% down, The Spanish selective has finally opted for cuts, although maintaining the level of 11,400 points.
Thus the IBEX 35 closes on Monday with cuts of 0.28% to 11,435 points with the cuts of Enagas 3.15%, IAG (Iberia) 1.73% and Inditex 1.24% and the increases of values such as Indra 1 .16%, Repsol 0.91% and Mapfre 0.75%.
Among the protagonists of the session, Enagas, with strong drops of more than 3% since the first hour. The Spanish gas manager announced on Friday night that the International Center for Settlement of Investment Disputes (ICSID) has agreed with him in his litigation against Peru and has ordered the South American country to pay 194 million dollars (about 186 million of euros) -principal plus interest- to the Spanish company for the process opened by the Gasoducto Sur Peruano (GSP) project. And also the payment of 75% of the procedural costs.
But, This award would imply an accounting loss in the income statement due to the difference between the amount recognized in the award -194 million dollars- and the account receivable -505 million dollars (about 484 million euros)- relating to the investment in GSP recorded on the balance sheet. And that is what the market has read.
Also highlight the cuts by IAG (Iberia), which for the first time since December 19 suffers a significant punishment, greater than 1.5% in its almost geometric upward progression, with advances of 26.7% in the last month and 4 .8% until today’s bearish weekly session.
In the recommendations section, Banco Santander with Goldman Sachs. The American firm places the target price of the value at 5.80 euros per share, which means providing potential for the entity’s shares 12 months from now slightly more than 33% from its current price levels.
Goldman Sachs analyst Chris Hallan highlights that the agreement with Credit Agricole to sell Caceis’ stake has had a slightly positive impact on the core capital ratio of the Spanish entity.
In addition, Grifols A, today again with enormous volatility, has announced the closure of a private issue of senior secured bonds for a total of €1.3 billion, already discounted by the market, what does it mean to settle the maturities of 2025. lThe first ones expected for the company will be produced in 2027.
Two more notes, one macro, on the Spanish economy, with the GDP figure growing year-on-year by a significant 3.3% in Spain in the third quarter, with a quarterly figure of 0.8%, thanks above all to the push of internal demand, but above all, public spending, in statistical data.
And the second, from the Council of Ministers, which gave the green light in its last session of the year, to the extension of two more years, until 2026, of the so-called ‘anti-OPA shield’ that seeks to protect strategic companies from foreign investments.
Already in the rest of Europe, general negative session, with the exception of London, with cuts in the EURO STOXX 50 for sectors such as health care, with the advances of Novo Nordisktoday highlighted in a great rebound after last Friday’s plummeting falls of more than 20% due to the failure to read its new generation weight loss drug, CangriSema, and advances greater than 6.4% to the one that accompanies it AstraZeneca and the Swiss bank UBS.
On the cuts side, moderate falls for sectors such as technology, basic materials and for industrial sectors such as values such as Prosus, Mercedes Benz and Banco Santander among the most punished of the session.
In this way, at the close of the market the EURO STOXX 50 lost 0.23% to 4,851 points, the CAC 40 closed with falls of 0.03% to 7,272 points, the Daxwith losses of 0.38% to 19,841 points and the London FT 100with advances of 0.19% to 8,100 points.
On Wall Street, mixed trend for the indicators with falls for the DOW JONES Ind Average and to a lesser extent for the S&P 500 and moderate advances for the Nasdaq OMX at mid-session, this week at half throttle, tomorrow with half a session and the closing of the market on Christmas day.
At the business level, advances of more than 7.3% for Xerox Holdings at mid-session after the company announced the acquisition of printer manufacturer Lexmarkin an operation valued at 1.5 billion dollars. Xerox CEO Steve Bandrowczak said: “By combining our capabilities, we will be better positioned to drive long-term profitable growth and serve our customers.”
However, it must be taken into account that to finance the operation, Xerox will cut its annual dividend in half, from $1 to 50 cents. The takeover will presumably close in the second half of 2025.
Qualcomm shares rise 1.7% mid-session after a federal jury in Delaware found that Qualcomm did not breach its agreement with Arm through its 2021 acquisition of Nuvia, a startup founded by three former Apple engineers . The decision stems from a two-year legal battle in which Qualcomm was accused of misusing chip designs that Arm licensed to Nuvia before its acquisition.
At the end of the day in the Spanish stock market, the DOW JONES Ind Average fell 0.60% to 42,582 points, the S&P 500 lost 0.06% to 5,927 points and the Nasdaq OMX moved with gains of 0. 31% to 19,631 points.
Already in fixed income, asset returns are rising, with advances of 1.24% in the 10-year Spanish bond to 3.02%, while the German bund places its yield at 2.3185% and gains a 1.42%. The risk premium also gained positions, 1.45% to 70.15 basis points.
Regarding oil, cuts for the future of the Brent barrel that is trading at 71.91 and lost 0.90% and West Texas fell 0.89% to $69.84. Gold, in its futures, fell 0.81% to a price per ounce of $2,623.
Bitcoin, for its part, continues to correct positions, in a movement that continues from highs. It fell this Monday, at the close of the Spanish stock market, by 2.34% to $93,144 per asset.
And the Euro Dollar is moving downward for the single currency, with falls of 0.28% to 1.04 dollars.