Stock Markets March 20, 2026 01:10 PM

IBEX 35 Retreats to Three-Month Low as Multiple Sectors Weigh on Market

Chemical, petroleum & plastic, building & construction and telecoms & IT stocks drive Madrid benchmark down 1.14%

By Caleb Monroe
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Spain's benchmark IBEX 35 closed lower on Friday, sliding 1.14% to a fresh three-month low. Losses were concentrated in the Chemical, Petroleum & Plastic, Building & Construction and Telecoms & IT sectors. Broad market breadth favored decliners, while a handful of names including SOLARIA ENERGIA Y MEDIO AMBIENTE posted gains. Commodity moves included higher crude oil and lower April gold futures, and currency pairs showed little change.

IBEX 35 Retreats to Three-Month Low as Multiple Sectors Weigh on Market
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Key Points

  • IBEX 35 closed down 1.14%, reaching a new three-month low as sector losses pulled the benchmark lower.
  • Declines were concentrated in the Chemical, Petroleum & Plastic, Building & Construction and Telecoms & IT sectors; market breadth showed 126 decliners, 49 advancers and 27 unchanged.
  • Notable individual moves included SOLARIA ENERGIA Y MEDIO AMBIENTE advancing to three-year highs, while Cellnex Telecom, Merlin Properties and Ferrovial were among the largest decliners. Commodity and FX markets saw higher crude oil and a firmer US dollar futures reading.

Spain's stock market ended the trading day in Madrid with visible weakness on Friday, as sector-level declines - led by the Chemical, Petroleum & Plastic, Building & Construction and Telecoms & IT groups - exerted downward pressure on the benchmark.

At the close, the IBEX 35 fell 1.14% to register a new three-month low. Market breadth was tilted toward sellers: 126 stocks fell versus 49 that advanced, and 27 finished unchanged on the Madrid exchange.

The session's best performers on the IBEX 35 were SOLARIA ENERGIA Y MEDIO AMBIENTE (BME:SLRS), which gained 1.14% or 0.25 points to finish at 22.18; International Consolidated Airlines Group S.A. (BME:ICAG), which rose 0.68% or 0.03 points to close at 4.00; and Redeia Corporacion SA (BME:REDE), which added 0.27% or 0.04 points to end at 14.92.

At the other end of the index, Cellnex Telecom SA (BME:CLNX) recorded the steepest drop, sliding 5.31% or 1.44 points to 25.69 at the close. Merlin Properties SA (BME:MRL) fell 2.58% or 0.36 points to 13.57, and Ferrovial (BME:FER) declined 2.53% or 1.38 points to 53.20.

Notably, shares of SOLARIA ENERGIA Y MEDIO AMBIENTE (BME:SLRS) moved up to three-year highs, finishing the session up 1.14% or 0.25 at 22.18.


In commodities, Gold Futures for April delivery were down 0.28% or 12.74 to $4,592.96 a troy ounce. Crude oil for May delivery rose 2.50% or 2.39 to $97.94 a barrel, while the May Brent contract increased 1.68% or 1.83 to trade at $110.48 a barrel.

Foreign-exchange markets showed limited movement: EUR/USD was essentially unchanged, quoted at 1.16 (a 0.22% variation reported), while EUR/GBP remained around 0.87 with a 0.52% reading. The US Dollar Index Futures were higher, up 0.27% at 99.33.


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Risks

  • Sector-driven pressure - Continued weakness in Chemical, Petroleum & Plastic, Building & Construction and Telecoms & IT sectors could prolong declines in the IBEX 35.
  • Market breadth imbalance - With significantly more decliners than advancers (126 vs. 49), risk of broader market weakness may rise in the near term.
  • Commodity volatility - Rising crude oil prices and softer gold futures introduce price pressures that can affect energy-linked and commodity-sensitive sectors.

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