IBEX 35: Bullish expectations remain intact
The quarterly close in Europe has been clearly positive and although the IBEX 35 has been practically the least favored, it has risen 6.27% in the first quarter of 2021, while the main European indices (Dax and Euro Stoxx 50) have risen almost 10% in the same period.
Quarterly variation Ibex and European indices
We always insist that the banking sector is the one that determines the evolution of the IBEX 35 and on the weekend of the 19, Turkish President Erdogan dismissed the governor of the Central Bank of Turkey, which had a direct impact on BBVA causing a sharp drop in its price and falls in the European banking sector that ended up being a brake on the advance of the Ibex at the end of the quarter and accentuated the transfer of the index that had begun on March 15 after reaching a relative maximum from the 2020 lows.
However, the general performance of the IBEX 35 values has been very good during the first quarter for most of the listed shares and with 12 companies that maintained increases of more than 15%. Only 8 companies have a negative quarterly closing, among them the majority are companies in the electricity and renewable energy subsectors. Losses remain at the end of April 7.
The three most prominent stocks are IAG (Iberia) (+ 41.89%), PharmaMar (+ 36.20%) and Bankinter with + 33.39%.
Solaria, Cellnex and Electric Network the worst, as seen in the tables:
IBEX 35 Variation YTD companies
TECHNICAL SITUATION OF THE IBEX 35
Doubts in the markets given the expectations of the April 7 meeting of the FOMC are holding back the rise of the indices.
The Ibex has closed supported by the upward guideline that has not clearly lost at any point in the session.
The transfers that are taking place in the rest of the indices hold back the IBEX 35 but the situation for the moment remains bullish as long as the Spanish selective does not lose 8,274 points, although the loss of 8,450 should put us on alert.
To continue rising, it should exceed 8,740 points but continuing to advance will not be easy as it will enter a zone of significant resistance that could slow down the index’s progression.
Ibex 35: Daily Chart
IBEX 35 on daily chart