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Spanish stock market closes lower on Monday, holds on to monthly gains

Xinhua, November 1, 2016 Adjust font size:

The Spanish Ibex-35 stock market closed Monday with slight losses, but which were not enough to prevent it registering a fourth consecutive month of gains.

An adjustment of 0.63 percent on Monday saw the Ibex-35 close at 9,143.3 points, an increase of 4.1 percent for October, meaning the market continued to grow for the fourth consecutive month, although it is still down 4.2 percent on the start of the year.

Part of the reason for the positive performance in October is the end of political uncertainty in Spain. Mariano Rajoy returned as prime minister after winning an investiture vote on Saturday, giving the country a government for the first time in more than 10 months and opening the door for a new series of economic reforms.

Monday saw few results stand out among Ibex companies with banks Banco Popular, Bankia, Banco Santander, Bankinter and BBVA all suffering moderate to low losses in share values.

Arcelor was the best performing company of the day, with a rise of 0.79 percent, while Abertis shares grew 0.71 percent in value.

Meanwhile, interest on the 10-year bond stood at 1.2 percent while the risk premium was unchanged at 103.4 points. Endit