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Slight rise on Spain's IBEX 35 following post-election jitters

Xinhua, December 23, 2015 Adjust font size:

The Spanish IBEX-35 stock exchange registered a modest increase in share values on Tuesday after the losses experienced on Monday in the wake of the general election results which has cast Spain into a period of political uncertainty.

After losses of 3.6 percent on Monday, Tuesday saw the IBEX-35 bounce back moderately with an increase of 0.53 percent in share values, closing the day on 9,415.60 points after beginning trading on 9,365.80 points.

This is partly because traders were on the looks out for a bargain in the wake of Monday's fall, but the relatively moderate rise reflects the uncertainty which is likely to remain until it becomes clear just how a new government will be formed as discussions begin on possible pacts to allow Prime Minister Mariano Rajoy to remain in power.

The risk premium also dropped on Tuesday after having climbed to over 130 points on Monday, ending trading with a fall of 1.49 percent to stand on 119 points, while the interest on the 10-year-bond stood at 1.79 percent.

ArcelorMittal (+6.24 percent), OHL (+4.24) and Sacyr (2.99) led the recovery on a day when most banks also recovered terrain lost on Monday, while the main losers were FCC (-3.07 percent), Indra (-2.42 and Enagas (-1.06) were the main losers.

There are now four full sessions and two half-day sessions of trading until the end of a year in which the IBEX has lost around 8 percent of its value. Endit