The Spanish index closed the session at 19,585.4 points, with widespread gains in the financial sector. Brent oil fell 4.7% to $95.98, despite the escalation in the Middle East.
The Ibex 35 recovered the psychological barrier of 19,500 points on Friday, gaining 1.65% to reach 19,585.4 points. The advance was led by the banking sector, which accounted for the main increases of the day in a session marked by second-quarter corporate results and the evolution of the conflict in the Middle East.
Banco Sabadell rose by 3.44%, Unicaja by 3.31%, Santander by 3.17%, and Caixabank by 3.06%. On the downside, Mapfre was the biggest loser, down 4.67%, followed by Indra (-2.49%), Repsol (-2.23%), Solaria (-0.27%), and Cellnex (-0.23%). Acerinox emerged as the biggest gainer in the index, with a rise of 10.7%.
The session was influenced by the intensification of hostilities in the Middle East. Iranian Armed Forces attacked US military bases in Jordan and Bahrain with drones, in retaliation for the thirteenth consecutive night of bombings against Iranian territory. The US military had previously carried out a new wave of attacks against Iranian military targets, resulting in at least four deaths and seven injuries.
Despite the escalation, the price of Brent crude — the European benchmark — fell by 4.7% at the close of European markets, to $95.98. West Texas Intermediate (WTI) dropped by 4.5% to $88. Norbert Rücker, head of economic research and Next Generation at Julius Baer, noted that “neither party in the conflict has an interest in letting the situation spiral out of control” and added that “the pragmatism that consolidated at the beginning of the year should resurface.”
In geopolitical matters, US President Donald Trump stated that any damage caused to vessels and cargo in the Strait of Hormuz “will be paid for with Iranian funds that the United States holds.” In a social media message, Trump declared: “Until further notice, from this moment on, every single damage caused to vessels, cargo, or any related element will be paid for with the Iranian funds that the United States has in its possession and controls.”
Additionally, the United States announced the imposition of tariffs on 60 countries, replacing the temporary global tariff of 10% that expired at midnight. Products from countries with adequate laws against forced labor will be subject to the lowest rate of 10%, while those with insufficient prohibitions will pay 12.5%.
In the business sector, Banco Sabadell closed the first half of the year with a net profit of €971 million, 0.5% less than in the same period last year, including the contribution from TSB for four months. The entity also approved a reduction of its share capital by €14.97 million through the amortization of its own shares acquired in the buyback program.
Almirall reported a net profit of €39.6 million in the first half, representing a 49.4% increase compared to the same period last year. Mapfre closed the semester with a net profit of €624.2 million, up 9.4%, and reached an agreement to acquire the US insurer Safety Insurance for $1.542 billion (€1.355 billion) to expand in the northeastern United States.
Tubacex recorded a profit of €700,000 in the first half, a 95.8% decrease compared to 2025, with an EBITDA of €37.9 million (11.7% margin). Acerinox reported a net profit of €77 million in the first half, compared to losses of €18 million in the same period last year. Iberdrola announced that 74.63% of its capital opted to receive shares under the flexible remuneration program corresponding to the complementary dividend for 2025.
The rest of the major European stock exchanges also closed in the green, although with more moderate gains: the French Cac 40 rose by 0.88%; the British FTSE 100, by 0.91%; the Italian FTSE Mib, by 0.95%; and the German Dax 30, by 1.36%.
In the fixed income market, the yield on the 10-year Spanish bond stood at 3.631%, down from 3.689% on Thursday, with a risk premium of 47.08 basis points. In the foreign exchange market, the euro appreciated against the dollar.
For investors, the session leaves two readings: the strength of the Spanish banking sector, which continues to benefit from a high-interest environment, and the geopolitical volatility that keeps oil prices elevated, albeit with occasional drops. Corporate results continue to set the tone, with Acerinox as the standout performer of the day. More quarterly results are expected in the coming days, which could confirm the upward trend of the index.
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