Spanish stocks opened higher on Wednesday, with the Ibex 35 climbing about 0.45 percent to sit near 10,435 points, a level not seen since February 2018. Investors were awaiting Inditex’s 2023 results before the market opened, as the fashion group prepared to publish its figures for the year.
In detail, Inditex reported a record net profit of 5.381 billion euros for its 2023-2024 fiscal year, spanning February 1, 2023 to January 31, 2024. This marked the second year under Marta Ortega as chair and represented a 30.3 percent increase from the previous year. The company also announced a dividend increase of 28 percent, to 1.54 euros per share.
Meanwhile, attention remained on Grifols after it released its audited results through KPMG last Friday. The company continued to disclose stock purchases by its executive directors and managers to the Spanish market regulator, even as bearish investors continued to trade in the Spanish plasma products maker.
On another front, Almirall and Eloxx Pharmaceuticals inked an exclusive license for the ZKN-013 asset aimed at rare diseases. Under the agreement, Eloxx will receive an upfront payment of 3 million dollars (about 2.74 million euros) with potential milestone and sales payments that could reach up to 470 million dollars (approximately 430.3 million euros).royalties will be tiered based on any future global sales.
During the early trading session, the strongest gains within the Ibex 35 were posted by Inditex, up roughly 2.7 percent, followed by Endesa and Iberdrola, which rose about 1.35 percent and 0.88 percent respectively, with Acciona rising around 0.72 percent. On the downside, Grifols fell about 4.20 percent and Colonial slipped roughly 0.78 percent, marking the red flags in the early moves.
Across Europe, the main equity markets opened in the green: Frankfurt gained about 0.22 percent, Paris around 0.17 percent, Milan roughly 0.14 percent, and London about 0.05 percent.
At the market’s outset, Brent crude, a benchmark for Europe, was up about 0.37 percent, trading near 82.22 dollars per barrel. In U.S. light crude, the Texas benchmark stood at around 77.83 dollars, up roughly 0.35 percent.
Foreign exchange activity showed the euro firming to about 1.0924 against the U.S. dollar. In the debt market, the yield on Spain’s 10-year benchmark bond rose to approximately 3.109 percent, reflecting cautious sentiment around long‑term Spanish borrowing costs.
Overall, the session opened with a mix of robust company earnings, strategic licensing deals, and the usual macro moves in currencies and commodities that shape European asset markets. Investors weighed corporate results against a backdrop of central bank chatter and geopolitical developments, ready to adapt to evolving guidance from major market players.