Spain Stock Market (IBEX 35)

The IBEX 35 rose 0.2% to close at 8,269 on Wednesday, its highest level since January 14th, driven by gains in IAG shares as UK announced its end-to-lockdown plan. At the same time, Spain’s Prime Minister Pedro Sanchez pledged today an additional 11 billion euro package for companies and self-employed to help them cope with the economic crisis due to the coronavirus pandemic. On the corporate front, Iberdrola said its net profit rose 4.2% to 3.61 billion euros in 2020, matching market estimates, as the firm reported profit growth in countries like Brazil, the UK and Mexico. At the same time, electricity company Endesa reported in 2020 a net ordinary income 36% higher than in 2019, exceeding guidance. Elsewhere, traders digested Fed Chair Powell’s dovish comments during his semiannual testimony before Congress. Historically, the Spain Stock Market (IBEX 35) reached an all time high of 16040.40 in November of 2007. The IBEX 35 Index is a benchmark stock market index which tracks the performance of 35 most liquid stocks traded on the Continuous market on the Bolsa de Madrid. It is a free-float, capitalization-weighted index. The IBEX 35 index has base value of 3000 as of December 29, 1989.
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