The Ibex 35 in August with an annual rise of 17.1% after being placed in the maximum zone since February 2020 ñola in the medium term and believes that it can climb more than 16.2% in the next twelve months, according to information the ‘Bloomberg’ consensus. Specifically, trust the selective’s ability to slightly exceed 11,200 points over twelve months, a barrier that it has jumped to after the results season and the last appointment of the central banks.
In the absence of the last blows, the semi-annual accounts of the Ibex companies show a positive balance, which in some cases has not only exceeded market expectations, but has also raised its forecasts for this year after the bank investment has underestimated the ability of companies to move in the economic scenario of high interest rates and with signs of moderation in economic growth. Thus, investors have reacted with purchases on the stock market to these estimates, leaving the general elections and the political blockade to which the result of 23-J has led to a second plane.
The first stop will be 9,700 points, the level with which he has flirted in recent days, but without reaching this barrier. Once the objective has been achieved, the next key resistance is at 9,850 points which, if exceeded, could already have the path assured to exceed 10,000 points and confirm the recovery prior to the outbreak of health care due to the coronavirus, which resists the index Once this resistance is broken, it is easier for the ‘rally’ that analysts predict and that would help it achieve a mark that it has not touched since the second quarter of 2015, just a year before Brexit shook the index.
To achieve this barrier, one of its main catalysts is the stock market prospects for the six Ibex 35 banks, with possibilities ranging from 30% of CaixaBank to 19.9% of BBVA. Until now, the Ibex 35 had benefited from the weight of banks in the index, with a representation of more than 27%, tailwinds that may continue in the short term given the prospect of reaping another historical year in profits. Although the delinquency rate has risen slightly from 3.55% to 3.59% in May in Spain, for now, entities continue to squeeze the increase in financing costs and experts see room for it to continue rising .
However, it also has other assets, such as the pull of Repsol, one of the heavyweights of the index with a potential travel of 22%. Energy has a representation in the index above 3.5%, so its evolution may condition them. In this sense, the correction experienced by Cellnex Telecom, which has been accentuated this Monday after the announcement of the departure of its financial director, José Manuel Aisa Mancho, can serve as a boost with a journey of more than 33.5%, as Inditex and Iberdrola, to which analysts give a twelve-month advance of around 10%. As these are the companies with the highest weighting within the Ibex 35, a revaluation of the aforementioned percentage in each case pushes the index up more than any other member.
Overall, its potential is in line with that of other benchmarks on the Old Continent such as the German Dax (16.4%), the Italian FTSE MIB (16.3%) or the British FTSE 100 (16.7%). The French CAC 40 would lag a little further behind with an advance of 12.9% after breaking through resistance and settling in the zone of all-time highs. With the difference that in the case of Frankfurt it does not discount the distribution of dividends from its capitalization and, therefore, does not suffer the deflator effect of restoring these long-term price amounts, all the main European markets have easily exceeded pre-Covid levels, except for Spain, which still has a short stretch to reach that range, a goal that it can achieve in the coming months if the analysts’ forecast is confirmed.
