Spanish equities take what at first seemed to be a well-deserved rest, after achieving yesterday its fifth maximum in February and the 14th so far this year, and they are now 28 since last October on the verge of 18,200 points.
But between the cuts on Wall Street and the sharp falls in the energy sector that were later joined by the banks, the great architects of Wednesday’s increases, The Ibex 35 has barely maintained the level of 18,000 points.
At closing, the IBEX 35 fell 0.99% to 18,017.50 points with the falls experienced by values such as Endesa 3.68%, Solaria 3.19% and Acciona Energías Renovables 3.15% and the increases in Repsol 2.86%, MERLIN Properties 1.54%, and Caixabank 1.37%.
Among the protagonists, the downturns experienced by the electricity sector led by Endesa stand out. And all because the Italian Council of Ministers chaired by Giorgia Meloni has approved the decree on invoices, which provides for an increase of two percentage points in the Irap, the specific regional tax that applies to economic activity for energy companies. Until now the base rate is 3.9%.
And hence, Endesa, a company 70% owned by the Italian company Enel, has led to the falls in the Spanish selective.
And as for results, today we learned about Repsol’s results. The oil company, which was also benefited today by the rise in crude oil due to the tension between the US and Iran, achieved a net result of 1,899 million euros in 2025, which represents an increase of 8% compared to the previous year.
Furthermore, we have learned that the next March 10 Repsol will present its updated operational and financial metrics until 2028.
Prominence also for Indra, which according to Bloomberg, the Spanish government would have presenteda proposal to transfer Indra’s defense assets to a new subsidiary that could participate in the consolidation, while maintaining state control over the parent company.
the recommendations one of the focuses is located in Puig Brands which receives improvements from several analysis houses. Citigroup raises its target price to 19 euros from the previous 17, while BNP Paribas reiterates its overweight recommendation and improves its valuation from 18 to 19.70 euros, thus reinforcing the positive view on the value ahead of the start of the session.
For its part, Telefónica suffers a downward adjustment, after JB Capital Markets maintains its neutral recommendation but cuts the target price from 4.25 to 3.70 euros .
In the financial sector,Santander Bank receives slight support from Oddo BHF, which maintains the overweight recommendation and raises the target price to 12.30 euros . Furthermore, already has executed 22.8% of its new share buyback, of 5,030 million of euros, in the second week of its validity.
Meanwhile, in the energy sector, Iberdrola continues to have the support of HSBC, which maintains its buy recommendation and improves its valuation to 21.50 euros ; Meanwhile, Naturgy has reduced its target price for BNP Paribas from 28 to 27 euros, maintaining a neutral recommendation.
Already in the rest of Europe, values such as Air France rises by double digits after its results and forecasts. At the end of Thursday, the EURO STOXX 50 drops 0.78% to 6,055 points, the CAC 40 cuts 0.36% to 8,398 points, the Dax yields a 1.06 % up to 25,019 points and the FT 100 falls 0.56% up to 10,626 points.
Already on Wall Street there is a negative sign despite the back and forth, from worst to best in Walmart, which although investors saw the pre-opening as negative due to its growth expectations for 2026, its good figures, exceeding what analysts expected for 2025, in revenue, sales and EPS, have convinced the market.
Wayfair shares fall more than 12.5% despite the furniture and home goods company announcing its first annual sales increase since 2020 and its fourth quarter results have exceeded analysts’ expectations. The company earned an adjusted 85 cents per share in the final three months of the year, versus a consensus of 66 cents per share. Revenue of $3.34 billion also beat estimates.
At the close of the session on the Spanish stock market this Thursday, the DOW JONES drops 0.3% to 49,512 points, the S&P 500 cuts 0.11% to 6,873 points and the Nasdaq which is trying to re-emerge with negligible advances of 0.04% to 22,753 points.
We also look at fixed income, with slight advance in asset returns. The 10-year Spanish bond adds 0.03% to 3.169% while the advances are 0.11% for the German bund which is listed at 2.7461. The risk premium moves with falls of 0.82% to 42.38 basis points.
In raw materials, Oil futures They mark progress in the face of the increase in tension between the United States and Iran, while this afternoon the American president, Donald Trump, has indicated that in a space of 10 days he will decide whether or not to attack the ayatollah regime.
The crude Brent rises 1.75% to $71.60, while the West Texas advances in price by 2.11 %, up to $66.42. He Oro gana positions, with revaluations of 0.25% that take it back to the level of $5,019 per ounce.
Of Bitcoin It loses positions again, while cutting 1.4% and reaching the level of $66,178 per asset.
Lastly, in the relationship Euro Dollar the single currency falls against the greenback by 0.15% to 1.1766 units.