Week of clear correction experienced by the Ibex 35with falls of more than 4%, in a context marked by the rebound in oil and the increase in geopolitical uncertainty. The Spanish selective has thus broken a streak of four consecutive weeks of growth and is once again testing the conviction of investors who see how the market begins to discount a more complex scenario for the coming months.
From a technical point of view, the index has given a clear sign of exhaustion after failing to surpass all-time highs. Not in vain, it has lost the short-term support of 17,862 points and now launches to cover the bullish gap left on April 8 at 17,444 points. If it fails to hold on in that area, an extension of the falls towards the psychological level of 17,000 points would not be ruled out. Above, its first draft resistance is at 18,000 points. SOLARIA AND PUIG TAKE COMMAND By values, the biggest increases have been those reaped by solaria, which has been scored close to 7% in the calculation of the five sessions. According to César Nuez, the company is attacking the key resistance of 24.57 euroswhich could pave its way towards 31.06 euros, its all-time highs. The context accompanies: in an environment of global energy tension, the market is once again looking with interest at the renewables as relative refuge.
He has also highlighted Puig Brandswhich has added 5.88% driven by the expectations about its possible merger with Estée Lauderan operation that the market interprets as generating value and with the potential to strengthen its global positioning. Along with them, titles like Naturgy (+2.01%), ACS (+1.92%) and Amadeus (+1.87%) have managed to close positively, showing solid performance in a complicated environment. Companies with more defensive profiles or with their own catalysts that have allowed them to avoid part of the market volatility. BANKING AND CYCLE-SENSITIVE SECURITIES IN THE FOCUS On the negative side, The pressure has been especially intense in the financial sector. BBVA has led the falls with a weekly decrease of 5.73%, penalized by the fears of a deterioration in the mortgage businessa concern that has gained strength after the results of Bankinter. Precisely this last entity has lost 4.21%, confirming the widespread punishment of the banking sector in an environment of greater economic uncertainty. Nor has he been spared Aenawhich has lost 5.63% in a week in which the market has shown greater sensitivity towards values linked to the cycle and consumption. The fall of Indra (-5.51%), affected by the geopolitical noise after China’s restrictions on European defense companies, which has revived the fears over supply chains and international tensions. Added to this context are internal factors such as governance problems and strategic delays that continue to weigh on the price.
Beyond these names, the negative tone has been quite widespread. Santander (-3.04%), CaixaBank (-2.72%) or Sabadell (-3.67%) reflect the punishment of the financial sector, while industrial and cyclical values such as Repsol (-3.29%), ArcelorMittal (-2.69%) or IAG (-2.69%) have also suffered the impact of global uncertainty. ROTATION TOWARDS MORE PRUDENT POSITIONS The message left by the market is clear: after weeks of increases, money begins to rotate towards more prudent positions. The combination of rising oil, geopolitical tensions and doubts about the economic cycle has been enough to cause a profit collection which, for the moment, puts the bullish momentum of the Ibex 35 on pause. Now the key is to know if it is a simple adjustment… or the beginning of something deeper. Something that we will be able to verify in the coming days with the avalanche of accounting figures that investors will face.
Weekly variations Ibex 35
