The IBEX 35 rose 0.31% in the mid-session this Friday, reaching 17,361 points. Grifols is the value that rises the most, 4.86%, while Repsol advances 2.83%. Solaria, with a decrease of 1.60%, is the most penalized value, while Inmobiliaria Colonial lost 1.19%.
The Madrid selective starts 2026 after a dream 2025, in which it accumulated a spectacular revaluation of 49.27%. It is the second largest revaluation in history for the Ibex 35, only surpassed by the 54.2% that was recorded in the now distant 1993. In December, the advance was 5.7%.
The best value of the Ibex 35 in 2025 was Indra, with an increase of 186.5%. But in an index as heavily banked as the Spanish one, the banks were the true drivers of the advances. Special mention for a Banco Santander that consolidated above 10 euros after rising 133.7% until yesterday. Unicaja did even better, with an advance of 136.4%. On the opposite side, five values accumulated falls during the year. The biggest penalties were for Puig Brands, with a decrease of 14.8% in the year, and Cellnex, which fell 9.5%.
In the month of December, Inditex was the best value on the Ibex, with a rise of 16.7% after third quarter results that were very well received by the market and propelled it to new historical highs. They were followed by Unicaja (9.80%) and Banco Santander (8.94%). In negative territory, Enagás (-7.68%) was the most penalized stock, followed by Telefónica (-6.47%) and Fluidra (-3%).
But in the markets you cannot live on the past, so investors will have to sharpen their aim to find the opportunities that the Stock Market offers for 2026. In that sense, fundamental analysts see an upward potential of more than 20% in seven values in the index, with Cellnex, Grifols and Puig Brands leading all of them. Of course, in up to 12 other values, shareholders expect falls in the medium and long term.
It must also be taken into account that the month of January will come loaded with dividends on the Ibex 35, with the energy sector leading the way.
In fact, this Friday is the last day on which Redeia shares are traded with the right to collect the dividend of 0.20 euros per share that will be paid on January 7.
The macroeconomic agenda of this first session of January is marked by the figures of the Manufacturing PMI of Spain, Germany, the Eurozone or the United Kingdom for the month of December. Among the most notable data, the Spanish PMI fell to 49.60 points in December from the previous 51.50, while that of the Eurozone fell to 48.8 in December.
The figures of eurozone monetary supplywhich rose 3.0% in November.
The main European stock markets open this Friday’s session with the German Dax falling 0.12% at 24,462 points, the French CAC 40 drops 0.35% at 8,120 points, the FTSE 100 in London rises 0.09% at 9,940 points, the FTSE MIB adds 0.01% to 44,950 points, while the EURO STOXX 50 lost 0.14% at 5,783 points.
Wall Street futures point to an upward opening in this Friday’s session, after the major indices on Wednesday had their fourth consecutive negative day. The DOW JONES fell 0.63%, while the S&P 500 fell 0.74% and the Nasdaq Composite 0.76% was left.
But despite this correction in recent days, which greatly complicates the so-called Christmas rally, the truth is that the New York market closed a fairly positive year. The S&P 500 maintained a 16.39% gain in 2025, its third consecutive double-digit annual advance. He Nasdaq Composite took advantage of the enthusiasm for AI to advance 20.36% and the DOW JONES advanced 12.97%.
During the Asian day, the Kospi from South Korea reached a new record, while markets such as Japan and mainland China remained closed for holidays.
In commodity markets, oil prices They are trading unchanged on the first trading day of 2026, having recorded their biggest annual drop since 2020 last year, at a time when Ukrainian drones target Russian oil facilities and a US blockade puts pressure on Venezuelan exports.
The oil Brent It stands at $60.80 per barrel, while US West Texas futures are trading at $57.41.
Gold and silver posted their best annual performance since 1979 last year, driven by factors including the impact of US rate cuts, tariff tensions and strong demand from ETFs and central banks. Gold, which rose 64% in 2025, pays $4,398 per ounce, while silver stands at $74.09 after rising 150% in 2025.
The euro fell 0.25% against the dollar, leaving the exchange rate at 1.1721 dollars for each single currency.
In fixed income, the Spanish ten-year debt bond starts the year with a profitability of 3.305%, which leaves the risk premium against Germany at 44.32 points.