The Ibex 35 has shelved another week of large increases. Specifically, it ended this Friday in the 18,204.30 pointsafter adding a 3.69% in the accumulated of the five sessions. An advance that adds to that of 4.48% from the previous weekand which confirms the bullish turn of the market. He ceasefire in the Iran conflict has been the great catalystby easing pressure on oil and returning investors’ risk appetite. From a technical point of view, the Spanish team maintains a very solid appearance. Thus, as explained by César Nuez, an expert at BitcoinDynamic, it seems launched to cover the bearish gap left at the beginning of March, with the all-time highs at 18,573 points in the spotlight. “Exceeding these levels would leave the index on a free rise,” he points out, with projection towards 18,753 points. Below, the key support is located at 17,237 pointsa level that you should not lose if you want to maintain your current strength. MONEY RETURNS TO THE CYCLICALS AND THE BANKING The rebound has been clearly reflected in the most punished stocks in previous weeks, with a strong return of money towards cyclicals and the financial sector. ArcelorMittal has leads the weekly increases with a spectacular advance of 13.96%, followed by Acerinox (+8.88%) and BBVA (+8.20%), in a movement that reflects the market’s turn towards assets more sensitive to the cycle. In the case of banks, the context of less uncertainty, relief on the energy front and the prospects for rate increases have favored a general rebound, with notable gains also in Santander (+7.19%), Sabadell (+6.62%) or Bankinter (+6.27%). Along with them, values linked to economic activity such as ACS (+8.01%) or Ferrovial (+6.22%) have accompanied the movement, while Inditex (+6.30%) has once again shown its structural strength. The positive tone has extended to a good part of the index, with companies such as CaixaBank, Mapfre, Sacyr or Cellnex registering notable rebounds, in a week where practically the entire stock market has rowed in the same direction. CRUDE DEFLATES AND HITS REPSOL On the bearish side, the losses have been much more concentrated and with more specific reasons. Repsol has been the most punished title, with a decrease of 11%, penalized by the fall in crude oil after the geopolitical de-escalation. Easing tension in the Middle East has eliminated some of oil’s risk premium, hitting the company directly. They have also undergone relevant corrections Solaria (-6.70%) and Grifols (-2.98%). In the case of the renewable company, the lower energy pressure has reduced the relative attractiveness of the sector, while the pharmaceutical company has been affected by the increase in short positionswhich continues to generate tension on the value.
Puig Brands (-0.80%) has joined the group of negative stocks after collecting profits after recent increases in the heat of its possible integration with Estée Lauder. The cuts have been more moderate in other large groups such as Iberdrola (-0.20%), Telephone (-0.36%) or Amadeus (-0.57%), which have remained practically flat in a clearly bullish context.
Weekly variations Ibex 35
