IBEX 35 Dips 1.97% as Banking Sector Leads Declines

Market Closes Lower on Broad Sector Weakness

Spain's primary stock index, the IBEX 35, concluded Thursday's trading session with a significant decline, falling 1.97%. The downturn was primarily driven by losses across key sectors, including Financial Services & Real Estate, Consumer Services, and Chemical, Petroleum & Plastic.

Sector and Stock Performance

The banking industry experienced notable pressure, with Banco Bilbao Vizcaya Argentaria SA (BBVA) emerging as the session's worst performer, dropping 8.81%. Caixabank SA and Banco de Sabadell SA also saw declines of 4.12% and 3.77%, respectively. On the Madrid Stock Exchange, falling stocks outnumbered advancers 119 to 73, with 16 remaining unchanged.

Despite the overall market downturn, some stocks posted strong gains. Logista rose 4.09% to reach an all-time high, while ArcelorMittal SA added 2.99%, hitting a 5-year high.

Commodities and Currency Movements

In the broader market, commodities faced downward pressure. Gold Futures for April delivery fell 1.07%, while Crude oil for March delivery dropped 2.49%. In currency markets, the EUR/USD pair was relatively stable with a 0.03% change, while the US Dollar Index Futures saw a modest increase of 0.18%.

Summary

The decline in the IBEX 35 reflects widespread selling pressure, particularly concentrated in the financial sector. While the broader market sentiment was negative, standout performances from individual stocks like Logista highlight underlying pockets of strength. Investors will be watching to see if this sector-specific weakness persists in the upcoming sessions.

FAQ

Q: Why did the IBEX 35 fall on Thursday?
A: The index declined primarily due to losses in the Financial Services & Real Estate, Consumer Services, and Chemical, Petroleum & Plastic sectors.

Q: Which company was the worst performer in the IBEX 35?
A: Banco Bilbao Vizcaya Argentaria SA (BBVA) was the worst performer, with its shares falling by 8.81%.

Source: Investing.com