The IBEX 35 fell 0.27% at the early closing of this Wednesday, reaching 17,307.80 points, taking a slight respite after the all-time highs of 17,354.90 points from yesterday Grifols, with a decrease of 1.11%, was the most penalized stock, while Fluidra fell 0.86%. On the advances side, Inmobiliaria Colonial has risen 0.74% and Repsol 0.58%.
But this timid collection of profits does not tarnish a record year for the Madrid selective, in which it has accumulated a spectacular revaluation of 49.27%taking into account the 11,595 points at the end of 2024. 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 accumulated advance was 5.7%.
The best value of the Ibex 35 in 2025 has been Indra, with a rise of 186% in the heat of the plans of European governments (including the Spanish one) to increase defense spending to adapt to the new geostrategic scenario. But in an index as heavily banked as the Spanish one, the banks have been the true drivers of the advances. Special mention for a Banco Santander that consolidates above 10 euros after rising 132.7% in the year. Unicaja has done even better, with an advance of 135%.
On the opposite side, five Ibex 35 values have accumulated falls in the year. The biggest penalties have been for Puig Brands, with a decrease of 15% in the year, and Cellnex, which has dropped 10%.
And, despite the record year for the Spanish stock market, there are still cheap securities on the Ibex 35 that represent an investment opportunity. Javier Galán, director of equity investment at Renta 4, points to Repsol, Puig and Fluidra among them.
Looking ahead to the beginning of January, we must also take into account that the month will come loaded with dividends on the Ibex 35, with the energy sector leading the way.
In today’s business situation, Indra reorganizes the management of Indra Space, Hispasat and Hisdesat: Miguel Ángel Panduro, until now CEO of Hispasat, has been promoted to director of Indra Espacio, the division of the group into which the satellite operator will fit once its acquisition is closed. The company announced yesterday afternoon the purchase of 89.68% of Hispasat from Redeia (REE) for 725 million euros.
In the Continuous Market, Amper has sold a 25% stake in Elinsa to COFIDES for 41.2 million euros.
In addition, the board of directors of Grupo Insur has approved an interim dividend against the results for fiscal year 2025 of 0.35 euros per share that will be paid on January 15.
The macroeconomic agenda for this Wednesday appears practically deserted, although investors who have remained at the forefront have had to evaluate the minutes of the last Fed meeting, which were released yesterday afternoon when the European markets were already closed. At this meeting, the Federal Open Market Committee (FOMC) of the Federal Reserve once again lowered its reference interest rates by 25 basis points, to the range between 3.50% and 3.75%, although the decision was highly divided. The document has not provided much new: “The majority of participants considered that it would be appropriate to make further downward adjustments to the target range for interest rates if inflation decreases over time, as expected,” it says.
Wall Street, Europe and other markets
In the last three days the major Wall Street indices have closed negative, and everything seems to indicate that the same tone will continue on the last day of the year. These falls complicate the traditional Christmas rallywhich usually occurs between the last five trading days of the year and the first two of the next.
However, investors cannot complain about Wall Street’s behavior in 2025. As of Tuesday’s close, the DOW JONES is up 13.7% in 2025, while the S&P 500 is up 17.3% and the Nasdaq is up 21.3%. The month of December will also be positive, with the Dow gaining 1.4%, on track for its eighth consecutive month of gains, the first such streak since 2018. The S&P 500 rises 0.7%, also on track for an eight-month streak of gains. The Nasdaq advances a more modest 0.2%.
In Europe today the stock markets of Germany, Italy and Switzerland have remained closed. Among the markets that have opened, the CAC 40 has fallen 0.23%, while the FTSE 100 in London has lost 0.09%.
During the Asian day, The stock markets of Japan and South Korea have also remained closedwhile in China the CSI 300 fell 0.46% in its last session of the year.
In commodity markets, oil prices fall more than 15% in 2025, after supply exceeded demand in a year marked by wars, higher tariffs and OPEC+ production, as well as sanctions on Russia, Iran and Venezuela. On the other hand, 2025 has been the year of precious metals, with Gold rising 66% until yesterday and Silver 166.5%. Cryptocurrencies have had worse luck, with Bitcoin on track to close the year in negative territory despite the fact that just a few months ago it reached a new all-time high above $126,000.