Tourism stocks are pulling selectively as investors await the season of business results in Spain
After many failed attempts, the Ibex-35 managed to break the 8,900-point barrier on Wednesday, with a 0.48% increase that allowed the roster to rehabilitate May’s highs by closing at 8,933.3 points.
Tourism values pulled the indicator, with strong increases of 4.5% for Meliá, followed by IAG (+3.48%), CaixaBank (+1.98%), Aena (+1.92%), Repsol (+ 1.88%), Cellnex (+1.87%), Enagás (+1.47%) and Grifols (+1.19%).
At the bottom of the table were Merlin Properties (-3.35%), Colonial (-2.13%), Telefónica (-1.57%), Endesa (-1.33%), Iberdrola (-0.92 %) and Unicaja Banco (-0.83). %).
The rises were more subdued in Europe, barely reflecting the good tone left by the Japan Stock Exchange earlier, where investors welcomed the central bank’s decision to go against the grain and keep interest rates at record lows. 0.10%) together with the message that there will be no increases for the time being.
Investors seem to be more aware of other references, such as the corporate earnings season already well underway on Wall Street, which kicks off this Thursday in Spain with Bankinter’s accounts.
“We believe that in the coming weeks, corporate results and what companies are saying about the future of their companies will move the European and US equity markets,” Link Securities analysts emphasize.
They recall that the consensus, especially on Wall Street, has been lowering many companies’ earnings expectations for months, which can be a double-edged sword for their prices. “If companies beat estimates and are relatively optimistic about the future development of their business, their prices are very likely to recover strongly,” they indicate. “On the contrary, any company that fails to meet analysts’ downgraded expectations will be severely penalized on the stock market.”
Meanwhile, in the commodities market, a barrel of Brent crude rose 1.3% to $87.06, while West Texas was at $81.47, up 1.60%.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
