2023-06-02 18:28:20
He has achieved it. Inditex has managed to get out of the lethargy that its price had been presenting in May and, after the growth of more than 2% achieved on Friday, the textile giant recovers its 100,000 million euro value on the Stock Market. Specifically, he dismissed the session with a value of 100,200 million euros.
It is the first time since Marta Ortega assumed the reins of the company together with the CEO, Óscar Maceiras, that the firm has achieved this milestone that had not been seen since 2021, when Pablo Isla was still at the helm of the company.
The departure of the executive generated, in fact, a strong correction in the shares of Inditex, which even lost 20 euros in that turbulent month of April a year ago, in which investors still doubted the future of the company without Island ahead. Uncertainty that was added to the departure of the company from Russia after the outbreak of the war in Ukraine.
However, the value has been able to resurface and this year it is already up more than 29%, compared to the 13% rise in the Ibex-35. Its titles have gone from being worth 24.85 euros at the end of 2022 to 32.15 euros this Friday, with widespread support from analysts. The last to join have been those of Citigroup, who calculate that the company is worth 35 euros per share. That is, almost 9% more than current levels.
The next objective of the firm founded by Amancio Ortega will be to maintain this interest from investors after presenting its first quarter results on June 7.
Market impact
The rise of Inditex was key yesterday to boost the Ibex-35 by 1.63%, which managed to recover 9,300 points. In the week as a whole, it adds up to 1.37%.
Grifols led the increases (+6.50%) in today’s session, followed by ArcelorMittal (+4.66%), Merlin (+4.27%), Sacyr (+4.23%), Colonial (+4 .12%) and BBVA (+3.74%), while on the opposite side only Telefónica (-0.77%) and ACS (-0.76%) closed in the negative.
Investors have already been able to put aside one of the main sources of tension these days, after the agreement in the US to extend the debt ceiling that has finally been approved by the Senate.
The market also received another of the major references of the week on Friday and that will mark the next decision on interest rates by the Federal Reserve (Fed): the unemployment data in the US, which have led to different interpretations. On the one hand, job creation has skyrocketed, well above expectations, to 330,000 new jobs. The consensus anticipated that they would not exceed 190,000. That gives wings to continue raising rates. However, the unemployment rate rises from 3.4% to 3.7%, which would favor the expected pause by the Fed.
Meanwhile, in the commodity market, oil continues to recover positions after the sharp declines at the beginning of the week that put 70 dollars per barrel at serious risk. With another rise of 2% this Friday, a barrel of Brent crude is trading again at 76 dollars, while the US West Texas is around 71.94 dollars.
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