2023-08-29 18:09:38
The Spanish stock market chained its sixth consecutive rise on Tuesday, which served the Ibex-35 to reconquer the 9,500 points that had not been seen since last August 10. Specifically, the Spanish selective rose 0.9% to 9,582 points, driven above all by values linked to renewables. All despite the tension that has been unleashed by the collapse of the EiDF solar company on the stock market.
The company, which returned to the stock market on Monday after four months suspended from trading, is immersed in a possible false documentary scandal and, after plummeting 70% the previous day, on Tuesday it fell another 54%, leaving its titles at 4.06 euros per share. At the time of its suspension in April, it was trading at 29.76 euros.
Oblivious to the controversy, Acciona Energía led the increases in the national parquet, with a revaluation of more than 5% after announcing a program to buy back its own shares on 4,938,759 titles, representing 1.5% of its capital and around to 173 million euros.
Positive news for the stock, at least in the short term, with a management team that, according to Bankinter analyst Aranzazu Bueno, “takes advantage of the strong price correction (-32% from the highs for the year reached in January and -20% in the last three months) to launch this programme.
Also influencing the good behavior of the sector is the rise of more than 3.8% registered by Solaria’s shares, after Citi analysts have improved their recommendation on the company from ‘sell’ to ‘buy’, with a price target of 16.3 euros per share, which implies an upside potential of 15% from current prices.
In any case, and regardless of business news, investors are facing these last days of August with many doubts that must be resolved in the coming weeks. To begin with, what is the current state of the main economies in the world, and how will it affect the next decisions of the central banks.
«The latest indicators and macroeconomic data that have been published point to a growing divergence between the European economies, which are slowing down at a forced march, and the US whose growth, everything seems to indicate, has revitalized again in the third quarter. quarter”, explain the analysts of Link Securities.
Against this backdrop, the European Central Bank (ECB) presents greater uncertainties as to whether or not it will finally continue to raise interest rates at its next meeting in September. Precisely, between this Wednesday and Thursday the preliminary readings of the CPI for August in the region will be published. Data that the market will have to pay close attention to if it wants to get new clues about the future of monetary policy.
Meanwhile, in the raw materials market, the price of a barrel of Brent oil, a reference in Europe, is rising to the point of recovering 85 dollars, while the US West Texas is around 81 dollars.
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