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Stock Markets March 3, 2026

Spanish equities slump as IBEX 35 posts sharp drop, hits one-month low

Financial services, real estate, construction and consumer services lead declines while oil and FX move sharply

By Ajmal Hussain
Spanish equities slump as IBEX 35 posts sharp drop, hits one-month low

Spain's benchmark IBEX 35 closed sharply lower, down 4.55% to a one-month low as losses concentrated in Financial Services & Real Estate, Building & Construction and Consumer Services. A small group of heavyweights logged steep declines, while Repsol bucked the trend by rising to a five-year high. Commodities and currency markets also recorded notable moves.

Key Points

  • IBEX 35 closed down 4.55% in Madrid, reaching a new one-month low, with losses concentrated in Financial Services & Real Estate, Building & Construction and Consumer Services.
  • Market breadth was weak: 186 decliners versus 20 advancers and 9 unchanged, highlighting widespread selling pressure across the exchange.
  • Commodity and currency markets moved sharply during the session, with oil prices rising and gold and the euro weakening, creating cross-market volatility that affected market dynamics.

Spanish stocks ended the trading day on Tuesday notably lower, with losses concentrated in several key sectors. At the close in Madrid the IBEX 35 fell 4.55% to register a new one-month low, as weakness in Financial Services & Real Estate, Building & Construction and Consumer Services weighed on the market.

The session featured a wide disparity between decliners and advancers on the Madrid Stock Exchange. Declining issues outnumbered advancing ones by 186 to 20, while 9 stocks finished unchanged, underscoring broad market weakness.

Among IBEX 35 components, a handful of names stood out for their relative performance. Repsol (BME:REP) was the top performer, gaining 3.29% - up 0.66 points to close at 20.70, and was noted as reaching five-year highs. Indra A (BME:IDR) slipped 1.84% - down 1.15 points to 61.30, and Laboratorios Farmaceuticos ROVI (BME:ROVI) fell 2.23% - down 1.85 points to 81.25 by late trade.

On the downside, several stocks recorded heavy losses. Acciona (BME:ANA) led the declines with an 11.77% drop - down 29.00 points to end at 217.40. SOLARIA ENERGIA Y MEDIO AMBIENTE (BME:SLRS) declined 10.46% - down 2.20 points to 18.89, while Acerinox (BME:ACX) fell 9.46% - down 1.27 points to 12.16.

Commodities trading showed pronounced moves during the session. Gold Futures for April delivery was down 3.94% - a decline of 209.41 to $5,102.19 a troy ounce. In energy markets, crude oil for April delivery rose 6.78% - up 4.83 to $76.06 a barrel, and the May Brent oil contract increased 6.80% - up 5.29 to trade at $83.03 a barrel.

Currency markets also moved notably. The euro weakened against the dollar, with EUR/USD down 0.83% to 1.16. EUR/GBP was effectively unchanged, showing a 0.10% move to 0.87. The US Dollar Index Futures was higher, up 0.85% at 99.18.

The overall trading picture was one of broad-based selling across many names, punctuated by selective gains such as Repsol's advance to multi-year highs. Market breadth, commodity volatility and currency swings were all visible features of the session.

Market snapshot

  • IBEX 35 close: -4.55%, new one-month low
  • Top gainer: Repsol (BME:REP) +3.29% to 20.70
  • Largest decliners: Acciona (BME:ANA) -11.77% to 217.40; SOLARIA (BME:SLRS) -10.46% to 18.89; Acerinox (BME:ACX) -9.46% to 12.16
  • Commodity and FX moves: Gold -3.94% to $5,102.19/oz; WTI +6.78% to $76.06/bbl; Brent +6.80% to $83.03/bbl; EUR/USD -0.83% to 1.16

Risks

  • Concentrated heavy losses in key constituents such as Acciona, SOLARIA and Acerinox could exert further downward pressure on the IBEX 35 - impacting the Building & Construction and Materials-related sectors.
  • Broad market sell-off reflected by the 186-to-20 decliner-to-advancer ratio signals potential short-term volatility and reduced investor confidence across multiple sectors including Financial Services and Consumer Services.
  • Large swings in commodities and currencies - including a significant rise in oil and a sharp drop in gold and the euro - introduce uncertainty for energy, mining and export-sensitive companies.

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