The Spanish stock market has passed this second trading session of the second week of January in the midst of constant sign changes that have finally settled in opening, on the rise compared to the level of 11,800 points for the Spanish selective. A turning point after yesterday’s good progress in all European squares due to news about the laxity of the feared tariffs that Trump could impose on the Old Continent, according to the American press, which, in the end, has not been confirmed.
Despite this, today the main protagonist of the day has been the volatility that has marked the tempo, with about 120 points of difference between the best and the worst of the day in the Spanish selective, which has only recovered due to the good performance of a financial sector that, at the end, has faltered.
In this way, the IBEX 35 closes on Tuesday with advances of 0.03% to 11,811.90 points with the gains experienced by companies such as IAG (Iberia) 2.58%, MERLIN Properties 2.26% and Indra 1.54% and the cuts experienced by values such as Cellnex 2.38%, Repsol 1.37% and ACS 1.32%.
Among the securities, MERLIN Properties stands out for its advances and news. Jefferies improves its recommendation on the Socimi until ‘comprar‘, from the previous ‘hold’, while raising the price target from 9.80 to 12 euros per share. Taking into account last Monday’s closing, the new valuation represents a upside potential of 17.87%.
Despite this strong improvement, the truth is that Jefferies is not among the most optimistic analysis houses about the SOCIMI. According to data compiled by Reuters, on average analysts give Merlin a ‘buy’ recommendation and a target price of 13 euros, which represents an upside potential of 24.5% compared to the current price.
Already on the negative side, Morgan Stanley placed the oil company Repsol negative on the day, as it cuts its recommendation to ‘infraponderar‘, from the previous ‘equal weight’, in a movement that also brings with it a cut in the target price, which goes from 13.50 to 11.70 euros per share. This assessment is located 2.62% below of yesterday’s closing price, Monday (12,015 euros).
Furthermore, in terms of company financing, today we learned that Banco Santander has announced the launch of four bond repurchase offers for a maximum amount of 2,000 million dollars, as part of its active management of liabilities and capital.
Meanwhile, BBVA has returned to the debt markets with the issuance of a contingently convertible bond (‘CoCo’) in dollars, classified as additional tier 1 capital. Although the amount is not yet defined, it is expected to have a fixed coupon of 8.25% and a non-amortization period of seven years.
All this while IAG (Iberia) announced this Tuesday a public acquisition offer (OPA) of its bonds issued maturing in 2027 and 2029 for a total of 1,200 million euros. The main purpose of this operation is to reduce leverage and gross debt on the company’s balance sheet.
Already in the rest of Europe better tone despite the cold water of the rise in inflation in December to 2.4% year-on-year from 2.2% in November and which represents an increase from the lows of 1.7% in the month of September. The underlying is at 2.7% for four consecutive months.
Only London closes slightly negative. Increases by sectors in the EURO STOXX 50 of energy and cyclical and non-cyclical consumption in the face of cuts in technology, basic materials and industrial values. with increases for two pharmacies, Roche and Sanofi and for the British BPin the face of the cuts experienced Prosus, Novo Nordisk y ASML Holding.
On the negative side, Sodexo stands out with a drop of 7.4% at the close. The French company is penalized after presenting results, because despite the increase of almost 5% in its organic income in the first quarter, these are below market expectations. as strong growth in India, Brazil and Australia was offset by lower activity in continental Europe.
Consolidated revenues amounted to 6.4 billion euros in the three months to November, compared to the 6.5 billion expected by analysts (according to an average provided by the company) and the 6.3 billion a year earlier.
In this way, at the close of the market the EURO STOXX 50 rose 0.49% to 5,011 points, the CAC 40 closed with advances of 0.59% to 7,489 points, the Daxwith gains of 0.7% to 20,352 points and the London FT 100fell a slight 0.08% to 8,242 points.
And on Wall Street there is a mixed trend for the indicators with strong cuts in the Nasdaq, more moderate in the S&P 500 and slight advances for the Dow Jones pending the most important data of the week that will be known next Friday, with the report of employment, the unemployment rate, the creation of new jobs and the variation in payment per hour worked.
Tesla shares are down more than 3% mid-session after Bank of America analysts have lowered their recommendation to ‘neutral’from the previous ‘buy’. While the firm raises the price target to $490 per share, up from $400 previously, analysts warn that “execution risk is high” and Tesla is currently trading at a level that “captures much of our long-term potential”, based not only on the core automotive business, but also robotaxis, Optimus and energy generation and storage.
Getty Images soars 29%, while Shutterstock soars 22% after both companies announced a merger. The combined company will retain the Getty name and will be led by Getty Images CEO Craig Peters. Shutterstock shareholders can choose to receive $28.85 per share, receive Getty shares, or a combination of cash and stock.
At the end of the day in the Spanish stock market, the DOW JONES Ind Average rose 0.19% to 42,787 points, the S&P 500 lost 0.49% to 5,946 points and the Nasdaq OMX moved with cuts of 1.16 % up to 19,635 points.
Already in fixed income, asset yields are rising, with advances of 1.06% for the 10-year Spanish bond to 3.142%, while the German bund places its yield at 2.4765% and gains 1. 16%. The risk premium also gains positions, 10.91% to 66.70 basis points.
Regarding oil, increases for the future of the Brent barrel that is trading at 77.03 and gains almost 1% and West Texas that advances 0.94% to $74.24. Gold, in its futures, rises 0.54% to a price per ounce of $2,661.
Bitcoin, for its part, continues to correct positions, in a movement that continues from highs. It fell this Tuesday, at the close of the Spanish stock market, by 4.3% to $97,774 per asset.
And the Euro Dollar is moving downward for the single currency, with falls of 0.23% to 1.0362 dollars.