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Interview: Interest in Spanish stock market growing: expert

Xinhua, May 11, 2015 Adjust font size:

Interest in Spain's benchmark stock market index Ibex-35 is growing, accompanied by better growth forecasts for the Spanish economy, Renta 4 Banco analyst Natalia Aguirre told Xinhua in an interview.

"We have seen the success of the last placements that predict a future for those who intend to start trading on the Ibex ... We are witnessing the investors' interest in the Spanish stock market," Aguirre said.

She mentioned the case of airport services operator Aena, which saw a 50-percent appreciation since it started trading. "Not only Aena, but Endesa's share value rose by more than 30 percent, and we also have a long waiting list of companies ready to trade on the stock market."

"This is a signal of how the economy is improving," she stated, as according to her, forecasts about Spain's economic growth were coherent with the current stock market situation.

According to the Spanish government, the economy was expected to grow by 2.9 percent this year, while the European Commission recently revised up its economic predictions for the country to 2.8 percent.

"We are witnessing how Spain's economy is improving every quarter and advanced data say that it can go on improving ... we can grow at rates of 3 percent, which is twofold of the euro zone's growth rate," Aguirre pointed out.

Meanwhile, everybody had an eye on Greece and its negotiations with the Eurogroup, which could affect Spain's stock market index.

Aguirre recognized that the issue of Greece was a factor of uncertainty in markets at a global level, however she was optimistic.

"Although we do not rule out a default, we believe that the situation in 2015 is not the same as three years before, in 2012," she said.

From her point of view, "peripheral economies are growing and European banking is less exposed to Greece's problems than three years ago."

The Eurogroup on Monday was scheduled to analyze negotiations between Greece and it's creditors. Spain's benchmark stock market index Ibex-35 fell 0.17 percent on Monday mid-session to 11,405 points, with Spain's risk premium at 115.4 points and Spain's 10-year bond interest rate at 1.728 percent. Endit