Markets Move as Talgo News and Pharma Developments Shape the Ibex 35
The Ibex 35 opened Friday with a modest gain of 0.07%, placing the index at 9,912.7. Although no major macroeconomic indicators were on the calendar, investors remained attentive to Talgo after its shares were halted on Thursday following reports of a possible takeover approach. A Hungarian group reportedly pursued a full acquisition, sending Talgo’s stock into a volatile swing as traders weighed the takeover signal amid ongoing market chatter.
The Comisión Nacional del Mercado de Valores, CNMV, suspended Talgo’s listing as a precautionary measure around 4 p.m. on Thursday. This halt came as speculation around a Public Acquisition Offer, or OPA, sent Talgo shares up nearly 10%, underscoring the sensitivity of the stock to takeover rumors. Earlier news had confirmed that a Hungarian consortium had shown interest in buying 100% of Talgo at five euros per share, a figure that traders were watching against the market’s price action the next day. During the suspension, Talgo’s stock traded to 4.78 euros, well below the proposed purchase price but reflecting the heightened trading interest from investors.
In a separate update, the Sylentis subsidiary of PharmaMar disclosed to the CNMV that a Phase III trial for a treatment addressing dry eye associated with Sjögren’s syndrome using tivanisiran did not meet its primary endpoint. The disclosure triggered a negative reaction in PharmaMar’s stock, which fell by nearly 3% as investors reassessed the program’s prospects and potential returns.
Early-session winners on the Ibex 35 included Indra, up 0.63%, Sacyr with a 0.45% gain, Colonial at 0.38%, and Grifols advancing 0.35%. On the downside, Acciona Energía lagged with a 2.41% drop, Endesa declined 0.74%, and Cellnex fell 0.66%, illustrating the mixed mood across major blue chips as trading began.
Across European markets, sentiment remained mixed. Paris showed a modest decline of about 0.2%, while Milan, Frankfurt, and London posted slight gains of 0.08%, 0.04%, and 0.01% respectively, signaling cautious risk appetite among regional investors.
At the opening of trading, Brent crude, the benchmark for Europe, slipped by 0.12% to $81.53 per barrel. In contrast, U.S. benchmark Texas Intermediate held steady near $76.22 per barrel, signaling limited immediate changes in global energy markets that could influence equity direction in the session ahead.
In the foreign exchange arena, the euro strengthened against the dollar, trading at approximately 1.0779 dollars per euro. In the fixed-income space, Spain’s 10-year government bond yielded about 3.362%, reflecting ongoing concerns about inflation and fiscal policy within the euro area and its impact on long-term borrowing costs for the region.