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The Ibex crowns 9,100 points in its fifth bullish week despite the fear of inflation

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One more week and one more step for him IBEX 35. After 64 weeks, the Spanish stock index went away again for the weekend above 9,100 integers. Despite market fears of runaway inflation, the selective added its fifth week on the rise between gains of 0.95% that placed its graph at 9,145.6 points, new highs of the last 14 months.

With its fifth consecutive weekly closing in green, the Ibex 35 signed up its longest bullish streak of the year and, in addition, it was close to only 10.3% of its prices prior to the outbreak of the pandemic. And that despite the abrupt setback he suffered at the halfway point of the week, when the worst fears of the analysts were embodied in the United States.

The key reference of the week was once again the inflation. Although in Spain it rebounded strongly in April, it remained at a bearable 2.2%, as confirmed by the National Institute of Statistics (INE) this Friday. In the world’s leading economy, the US Bureau of Labor Statistics raised the cost of life in the same month to 4.2%, an unusual level in the last 13 years and its highest monthly increase since 1982.

Fear of ‘tapering’

A strong upside shot that rumbled through the markets for fear that the strong advance in consumer prices will end up demanding a hasty response from central banks, advancing their plans to withdraw stimuli or tapering. An open door to a possible calculation failure that endangers the complex equilibrium on which the global economic recovery is based and, above all, the withdrawal of investment positions in equities.

However, the unanimous discourse of the monetary authorities, who continued to insist that these rallies were due more to “transitory” issues than to structural factors, had its effect. Stock indices They closed the week with a much better tone of which was predicted only a few days before.

This is how the Ibex 35 Eduardo Bolinches closes

The Ibex 35 revaluation table gave an account of the climate experienced throughout the week in the Spanish stock market. At the forefront of it, a defensive value like Almirall, with increases of 13%, and another of a marked cyclical nature such as Sabadell Bank, up 11% to new annual highs above 0.68 euros per share.

The Vallesano was not the only financial asset with a more than friendly weekly balance. CaixaBank celebrated the rise in interest rates in the fixed income market in the week in which held its first shareholders’ meeting after the absorption of Bankia. An assembly in which the FROB voted against the salaries of its directors.

Also Fluidra ended the week with a positive balance close to 2% despite the difficult digestion of the umpteenth placement of securities of the management company Rhône Capital. Once again, the Americans took advantage of all-time highs from the pool company to undo some of their investment position.

At the other extreme, the most profound punishment was distributed by companies in the tourism and renewable sectors. Siemens Gamesa (-6.8%), IAG (-6%), Meliá Hotels (-3.6%), Acciona (-6.4%) and Solaria (-3.4%) were among the most bearish.

From less to more

The last session of the week went from less to more, with a last change of 2% that even exceeded the maximums of the last 14 months achieved days before. At the head of the comeback, several of those penalized in the weekly aggregate, such as Solaria (+ 6.1%), Amadeus (+ 4.9%) and Meliá Hotels (+ 3.4%).

However, the great protagonism of the last minute race was for some of the heavyweights of the selective. 3.2% added to its price Inditex, while BBVA Y Santander Bank they practically tied with increases of 2.7%. Telephone it rose 2.4% and thus achieved a return to levels above 4 euros per share in the week in which it presented its accounts for the first quarter of the year.

Worse fit these numbers had for ACS. The construction company published a balance on Thursday with the market already closed for negotiation and this Friday it traded it with decreases of 1.2%. Between the months of January and March, a profit of 195 million euros, 3.8% more than a year ago.

In the caboose, four other values ​​were stained red. Cellnex (-0.6%), Merlin Properties (-0.5%), ArcelorMittal (-0.2%) and Viscofan (0.2%) completed the short list of bearish values ​​at the end of the session on Friday.

Rebound in bonds

Where the forecasts of a possible increase in emergency rates did sink the most was in the secondary debt market. The Spanish ten-year bonds said goodbye to the week at rates close to 0.6% after starting it below 0.5%. Rise to returns not seen since June of last year.

On this occasion, the rate hike did affect the so-called peripheral economies more than the central ones of the Eurozone. Something that was felt in the risk premium, which was gaining weight little by little throughout the week to 71 basis points.

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