Banco Santander rescue stockmarket fortunes

9th November 2007, Comments 0 comments

9 November 2007, Madrid - The Spanish bourse was flagging yesterday until Banco Santander came to the rescue with the announcement it was selling Banca Antonveneta, and was canceling a planned rights issue.

9 November 2007

Madrid - The Spanish bourse was flagging yesterday until Banco Santander came to the rescue with the announcement it was selling Banca Antonveneta, and was canceling a planned rights issue.

The domestic market opened lower after sharp falls over night on Wall Street, with the blue-chip Ibex 35 heading south toward the 15,600-point mark. Then came Santander's coup in the afternoon, and the situation turned around to such an extent that the benchmark index ended at a new all-time high.

The market also benefited from continued interest in stocks exposed to renewable energy activities amid the surge in oil prices. The ECB's decision to keep rates on hold was no surprise.

The Ibex 35 closed up 0.66 percent at 15,945.70 points after a low of 15,612.60 points and a high of 15,968.40 points. The Madrid general index closed up 0.52 percent to 1,724.95 points. Open-market deals in the continuous market increased notably to about €7 billion.

In the rest of Europe, London dropped 0.05 percent. Paris shed 0.91 percent, while Frankfurt was up 0.25 percent.

Santander, whose weighting of 17 percent is the second biggest in the Ibex 35, closed up 3.88 percent at €15.00 after posting an intraday high of €
15.20.

Repsol shed 0.26 percent as the depreciation of the dollar and a fall in oil production depressed its earnings for the nine months.

Abertis dropped 0.13 percent despite a strong performance in its nine-month results, which led the highway operator to increase its full-year forecasts.

Acciona, which has a renewable-energy division, was the star blue-chip performer, adding 6.07 percent to a new high of €241.90 after Deutsche Bank raised its target price to €255.

[Copyright EL PAÍS, SL./ Adrián Soto 2007]

Subject: Spanish news

 

9 November 2007

Madrid - The Spanish bourse was flagging yesterday until Banco Santander came to the rescue with the announcement it was selling Banca Antonveneta, and was canceling a planned rights issue.

The domestic market opened lower after sharp falls over night on Wall Street, with the blue-chip Ibex 35 heading south toward the 15,600-point mark. Then came Santander's coup in the afternoon, and the situation turned around to such an extent that the benchmark index ended at a new all-time high.

The market also benefited from continued interest in stocks exposed to renewable energy activities amid the surge in oil prices. The ECB's decision to keep rates on hold was no surprise.

The Ibex 35 closed up 0.66 percent at 15,945.70 points after a low of 15,612.60 points and a high of 15,968.40 points. The Madrid general index closed up 0.52 percent to 1,724.95 points. Open-market deals in the continuous market increased notably to about €7 billion.

In the rest of Europe, London dropped 0.05 percent. Paris shed 0.91 percent, while Frankfurt was up 0.25 percent.

Santander, whose weighting of 17 percent is the second biggest in the Ibex 35, closed up 3.88 percent at €15.00 after posting an intraday high of €
15.20.

Repsol shed 0.26 percent as the depreciation of the dollar and a fall in oil production depressed its earnings for the nine months.

Abertis dropped 0.13 percent despite a strong performance in its nine-month results, which led the highway operator to increase its full-year forecasts.

Acciona, which has a renewable-energy division, was the star blue-chip performer, adding 6.07 percent to a new high of €241.90 after Deutsche Bank raised its target price to €255.

[Copyright EL PAÍS, SL./ Adrián Soto 2007]

Subject: Spanish news

 

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