Ibex 35 opens higher as Spain’s GDP data surface
The Ibex 35 began trading on Tuesday with a modest gain of 0.35%, placing the benchmark index at 10,990.4 points. The session unfolds in the wake of Spain’s GDP release for the year, which adds a moment of scrutiny to the early moves of Madrid’s stock market.
From the prior close of 10,952.2 points on Monday, a rise of 0.08%, the Ibex 35 hovered near the 11,000-point mark. In the first moments of the day, it flirted with that level, signaling renewed investor interest after several sessions of quiet consolidation near multi-year highs.
Early in the session, it was reported that the Spanish economy grew 2.5% in 2023, a tenth higher than the government’s forecast. The National Accounts published by the National Institute of Statistics show a quarterly uptick of 0.6% in the last quarter, two tenths more than in the prior period. The data align with the figures previewed at the end of January, providing a coherent narrative of the economic expansion through the year.
In corporate Spain, the State Society of Industrial Participations (SEPI), under the Ministry of Finance, notified the National Securities Market Commission of acquiring a 3% stake in Telefónica. This move marks a notable public-sector engagement in a major telecommunications group, attracting attention from investors watching strategic ownership shifts in the sector.
Separately, Repsol announced the acquisition of 40% of three industrial facilities that are part of Bunge Ibérica, a subsidiary within Bunge in the Iberian Peninsula. The deal totals $300 million, with potential additional payments of up to $40 million contingent on future milestones. The arrangement adds to Repsol’s footprint in industrial energy and downstream operations with a notable logistical and geographic expansion.
Meanwhile, the takeover window for the public offers of acquisition (OPAs) launched by Apollo via Manzana Spain Bidco and ISQ, together with TDR and Amber EquityCo, regarding Applus+ is set to begin on Tuesday, 26 March and will run through to 24 April. The process signals renewed M&A activity in the Spanish market, with investors watching how these bids could alter the competitive landscape for the testing and inspection sector represented by Applus+.
Atrys Health reported losses of €45 million for 2023, almost doubling the year-ago figure, even as revenue rose 27.3% to €202 million. The adjusted EBITDA climbed 28.2% to €42.6 million, highlighting a path toward improved operating performance despite the net loss. The year-end results underscore the typical hybrid profile of life sciences firms balancing top-line growth with continuing investment in capabilities and expansion plans.
In the early trading phase, the strongest gains inside the Ibex 35 were recorded by Banco Santander, Acciona, Grifols, and CaixaBank, while Bankinter faced a dividend-related drag, slipping 1.66%. Acerinox and Fluidra also marked declines of 0.92% and 0.82% respectively as investors weighed sector-specific headwinds against broader market sentiment.
European markets opened with mixed directions. London and Frankfurt fell 0.31% and 0.03%, while Paris and Milan rose 0.08% and 0.05% respectively. The snapshot suggests a cautious mood as investors digest regional growth signals and corporate earnings ahead of a busy information cadence across the continent.
In commodity markets, Brent crude, a benchmark for Europe, dipped 0.22% to around $85.89 per barrel, with Texas Intermediate trading near $81.75, down 0.24%. The mood in energy markets appears tethered to global demand cues and supply considerations as traders calibrate risk around macro headlines and geopolitical developments.
On the currency and debt fronts, the euro traded near $1.0847 against the dollar, while Spanish 10-year government bond yields rose to roughly 3.188%. These movements reflect the ongoing balancing act in global capital markets where currency and sovereign debt dynamics interact with corporate earnings and policy expectations.