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Stock Markets March 19, 2026

Madrid market slips as IBEX 35 posts 2.27% decline, hits three-month low

Telecoms & IT, construction and consumer goods weigh on the index as select energy names buck the trend

By Sofia Navarro IDR
Madrid market slips as IBEX 35 posts 2.27% decline, hits three-month low
IDR

Spain's main stock gauge, the IBEX 35, closed down 2.27% on Thursday, retreating to a fresh three-month low. Losses were concentrated in Telecoms & IT, Building & Construction and Consumer Goods sectors, though some energy stocks recorded gains. Market breadth was heavily negative, with decliners far outnumbering advancers. Commodity and currency moves included a sharp fall in gold futures and rises in crude benchmarks.

Key Points

  • IBEX 35 closed down 2.27%, marking a three-month low for the index - sectors hit included Telecoms & IT, Building & Construction and Consumer Goods.
  • Repsol rose 1.43% to 24.79 and was noted as reaching five-year highs; Naturgy added 0.31% while Unicaja was recorded down 0.56% to 2.51 in late trade.
  • Significant decliners included Indra A (-12.28% to 50.00), Cellnex (-7.47% to 27.13) and ArcelorMittal (-6.19% to 42.76); market breadth showed 166 decliners, 27 advancers and 17 unchanged.

Spain's equity market ended Thursday's session lower, with sector weakness in Telecoms & IT, Building & Construction and Consumer Goods pushing the IBEX 35 down to its lowest level in three months. At the close in Madrid the benchmark slipped 2.27%.

Among the IBEX 35 constituents, the day's top movers included Repsol (BME:REP), which advanced 1.43% - a gain of 0.35 points - to finish at 24.79. Naturgy Energy Group SA (BME:NTGY) also posted a small increase, up 0.31% or 0.08 points to 26.22. Notably, Unicaja Banco SA (BME:UNI) was recorded as down 0.56% - a decline of 0.01 points - to 2.51 in late trade, despite being listed among the session's better performers.

At the other end of the spectrum, Indra A (BME:IDR) led losses with a steep 12.28% drop, falling 7.00 points to close at 50.00. Cellnex Telecom SA (BME:CLNX) declined 7.47%, slipping 2.19 points to end the session at 27.13, while ArcelorMittal SA (BME:MTS) fell 6.19%, down 2.82 points to 42.76.

Market breadth in Madrid was heavily tilted to the downside: 166 stocks fell, 27 advanced and 17 finished unchanged.

Repsol's share price movement was highlighted by a separate note that the stock rose to five-year highs during the session, registering the same 1.43% or 0.35-point increase to 24.79.

Commodities showed mixed moves. Gold Futures for April delivery recorded a marked decline of 6.42%, down 314.55 points to $4,581.65 per troy ounce. In energy markets, crude oil for May delivery climbed 1.64% - up 1.57 points - to $97.03 a barrel, while the May Brent contract gained 2.16%, rising 2.32 points to trade at $109.70 a barrel.

Major currency and index moves included EUR/USD rising 0.78% to 1.15. EUR/GBP was unchanged at 0.86 with a listed change of 0.13%. The US Dollar Index Futures was down 0.51% at 99.37.

Thursday's session left the Madrid market with a pronounced negative tone, as weakness in telecoms, construction and consumer goods names outweighed pockets of strength in energy-related stocks. Trading activity showed a broad sell-off across the exchange rather than a concentrated move in a small group of names.

Risks

  • Broad market weakness in Telecoms & IT, Building & Construction and Consumer Goods could pressure earnings and valuations in those sectors - impacting related stocks and sector-linked ETFs.
  • Heightened losses among large-cap names such as Indra A, Cellnex and ArcelorMittal introduce volatility risk for portfolios with exposure to those companies or industrial and telecom sectors.
  • Sharp moves in commodities and currencies - notably a steep drop in gold futures and rising crude prices - may increase input-cost or hedging pressures for companies sensitive to commodity and FX swings.

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