The Ibex 35 is trading this Friday with a slight advance of 0.40%, up to 19,400 points, on a day marked by caution due to the conflict in the Middle East and the debut of SK Hynix on the Nasdaq.
The Spanish index is moving in positive territory this Friday, driven by the rebound of steelmakers and IAG. The Ibex 35 rises 0.40% to 19,400 points, on a day when investors remain cautious due to the escalating tensions between the United States and Iran, although the expectation of possible dialogue has moderated oil prices.
ArcelorMittal leads the gains with a rebound of 6.4%
The largest gains of the day belong to ArcelorMittal, which surges 6.4%, followed by Acerinox (+2.96%) and IAG (+1.65%). On the downside, notable declines include Indra (-2.98%), Solaria (-1.25%), and Iberdrola (-0.71%).
Despite the rebound this Friday, the Spanish index is facing the weekly close with a clearly negative balance. By the close of Thursday's session, it had accumulated a decline of 2.6%.
The truce in the Middle East and oil in focus
The market continues to monitor the conflict between the United States and Iran. Iranian forces have launched new attacks on US military infrastructure in the Persian Gulf, although Donald Trump stated that Tehran is willing to resume negotiations. According to Bloomberg, both parties are maintaining technical contacts, which has contributed to easing tensions and moderating crude prices, although uncertainty remains over the Strait of Hormuz, a key artery for global supply.
For investors, this means that volatility in sectors such as energy and banking could continue in the coming sessions, depending on diplomatic developments.
Alantra upgrades Spanish banking and the EIB launches a megafund
In terms of recommendations, Alantra Equities has upgraded the valuations of the Spanish banking sector. It maintains a buy recommendation on Banco Sabadell (target price €3.70), Bankinter (€17.90), BBVA (€24.45), and Caixabank (€13.75). For Santander and Unicaja, it maintains a neutral recommendation, although it raises their valuations to €12.65 and €3.19, respectively.
Outside the financial sector, UBS maintains its buy recommendation on Indra, although it slightly reduces its target price to €66 from €68. Meanwhile, Rothschild & Co Redburn retains its neutral recommendation on Repsol and raises its valuation to €23.60 per share.
Additionally, the European Investment Bank (EIB) is finalising the launch of a €15 billion megafund to boost strategic investments in defence, infrastructure, energy transition, and technology. Among the entities that will participate are Banco Santander, BBVA, and the Spanish manager AltamarCAM Partners, according to Expansion. The initiative aims to attract private capital to multiply funding for priority projects for the EU.
For investors interested in Spanish equities, the session leaves a bittersweet taste: the rebound of steelmakers and banks offers a respite, but geopolitical uncertainty and the negative weekly balance invite caution. The debut of SK Hynix on the Nasdaq will also mark the global tech agenda.
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