Trading commenced this Wednesday with the Ibex 35 edging higher by 0.43%, lifting Spain’s benchmark to 11,166.2 points at 9:00 AM as investors faced a day without major macroeconomic guides. The quiet start suggested traders were scanning for hints but awaiting clearer catalysts.
In corporate updates, Ercros indicated its first-half results could come in a range from zero to minus 2 million euros, diverging from the 16.5 million euros posted between January and June 2023. The company disclosed this outlook to the National Securities Market Commission (CNMV), outlining a period dominated by softer earnings and tighter margins that weigh on profitability.
Additionally, the Catalan chemical producer guided ordinary EBITDA to a band of 20 to 25 million euros, signaling declines of about 55.75% and 44.7% versus the 45.2 million euros earned in the first half of 2023. The guidance underscores the ongoing pressure on core earnings amid softer demand and input cost dynamics.
Separately, Aena increased its 2024 traffic growth forecast to 8.3% above last year’s level, lifting the prior range from 3.8% to 7.1% as reported after the market closed on Tuesday. The airport operator remains confident in a continued recovery in travel volumes as travel restrictions ease and passenger demand rebounds.
Looking ahead, the group now expects to exceed the 300 million passenger milestone in 2024, building on a record performance in 2023 that saw traffic surpass 283 million travelers. Applying the updated 8.3% growth estimate yields a projection near 306.7 million for the year, signaling strong annual momentum for Spain’s aviation sector.
In governance news, Gema Navarro Mangado stepped down from her role as non-executive director at Tubacex due to disagreements with the board and with a significant shareholder who had supported her appointment. The move reflects ongoing strategic realignments within the corporate leadership landscape.
Leading movers within the Ibex 35 included Aena, up around 1.98%, Rovi, up 1.39%, Indra, up 1.2%, and Solaria, up 1.09%. On the downside, the so‑called red lantern list featured Iberdrola (-0.56%), Endesa (-0.47%), Ferrovial (-0.38%), and ArcelorMittal (-0.37%), signaling mixed sentiment among sector peers.
Across Europe, major benchmarks opened higher: Frankfurt rose about 0.71%, Paris gained 0.47%, London advanced 0.29%, and Milan edged up 0.12%, reflecting a broader risk-on tone at the start of the session. In energy markets, Brent crude traded higher by roughly 0.47% near 84.62 dollars per barrel, while WTI hovered around 81.28 dollars, up about 0.56%, indicating renewed demand concerns and supply considerations shaping the front month contracts.
On currency front, the euro traded near 1.0694 dollars, underscoring continued alignment with dollar parity tendencies in global trade. In debt markets, Spain’s 10-year yield hovered near 3.317%, as investors weighed debt issuance plans against evolving monetary policy expectations and risk sentiment across fixed income markets.