Spain's stock market closed lower on Friday, with the IBEX 35 finishing the session down 1.22% in Madrid. Sectors on the defensive included Building & Construction, Consumer Services and Telecoms & IT, which together contributed to the downward pressure on the index.
Among components, energy company Repsol (BME:REP) was a top performer, rising 0.81% or 0.18 points to end the day at 22.51. Logistics and distribution firm Logista (BME:LOG) increased 0.75% or 0.24 points to close at 32.20, and beauty and fragrances group Puig Brands SA (BME:PUIGb) added 0.70% or 0.12 points to finish at 17.26.
At the other end of the spectrum, steelmaker ArcelorMittal SA (BME:MTS) recorded the largest fall on the IBEX 35, losing 5.06% or 2.78 points to trade at 52.20 at the close. Diversified infrastructure and renewable energy company Acciona (BME:ANA) declined 3.91% or 10.20 points to end the session at 250.60. Telecoms operator Cellnex Telecom SA (BME:CLNX) fell 3.34% or 0.96 points to 27.79 in late trade.
Market breadth in Madrid tilted substantially toward losers. On the Madrid Stock Exchange, 147 issues fell versus 48 that advanced, while 17 shares finished unchanged.
Commodities saw notable movement during the session. Gold Futures for June delivery declined 3.24% or 151.58 to $4,533.72 a troy ounce. Oil prices rose, with crude oil for June delivery up 4.29% or 4.34 to $105.51 a barrel and the July Brent contract higher by 3.59% or 3.80 to $109.52 a barrel.
In currency trading, EUR/USD was unchanged 0.39% to 1.16, while EUR/GBP was unchanged 0.21% to 0.87. The US Dollar Index Futures traded higher, up 0.47% at 99.19.
Summary
The IBEX 35 closed lower by 1.22% amid sector declines led by Building & Construction, Consumer Services and Telecoms & IT. Repsol, Logista and Puig Brands SA were among the session's gainers, while ArcelorMittal, Acciona and Cellnex posted the largest losses. Commodity moves included a drop in gold and gains in both U.S. crude and Brent futures; major currency pairs were mostly unchanged and the dollar index ticked up.
Key points
- IBEX 35 closed down 1.22% in Madrid as multiple sectors slipped.
- Top performers: Repsol (+0.81%), Logista (+0.75%), Puig Brands SA (+0.70%).
- Largest decliners: ArcelorMittal (-5.06%), Acciona (-3.91%), Cellnex (-3.34%).
Risks and uncertainties
- Sector-specific weakness in Building & Construction, Consumer Services and Telecoms & IT could continue to weigh on the IBEX 35's near-term performance.
- Volatility in commodity markets, as seen in the drop in gold and the rise in crude and Brent futures, presents an uncertain backdrop for companies sensitive to input costs and energy prices.
- Currency moves and a firmer US Dollar Index Futures reading may affect exporters and firms with significant foreign currency exposures.