Stock Markets February 2, 2026

Spanish Stocks Close Higher as IBEX 35 Hits Record High

Financial services, real estate and construction sectors propel market gains while energy names lag amid commodity moves

By Sofia Navarro
Spanish Stocks Close Higher as IBEX 35 Hits Record High

Spain's benchmark index rose on Monday, led by gains in Financial Services & Real Estate, Consumer Services and Building & Construction sectors. The IBEX 35 finished up 1.25% to a record closing level. Industrial and banking names posted notable advances, while select energy and utility stocks declined. Commodity markets were mixed, with oil prices falling and gold edging lower; the US Dollar Index Futures firmed slightly.

Key Points

  • IBEX 35 closed up 1.25%, reaching a new all-time closing high.
  • Top sector contributors were Financial Services & Real Estate, Consumer Services and Building & Construction.
  • ArcelorMittal, International Consolidated Airlines Group and Unicaja Banco were among the session's strongest performers, while Solaria, Endesa and Repsol lagged.

Spanish equities closed higher on Monday, with the IBEX 35 advancing 1.25% to register a new closing high. Sector strength was concentrated in Financial Services & Real Estate, Consumer Services and Building & Construction, which together helped push the market up by the close in Madrid.

On the IBEX 35, ArcelorMittal SA (BME:MTS) was the session's top winner, rising 3.92% - an increase of 1.80 points - to finish at 47.77. International Consolidated Airlines Group S.A. (BME:ICAG) also contributed to the upside, adding 3.63% or 0.18 points to close at 5.00. Banking group Unicaja Banco SA (BME:UNI) gained 2.84%, up 0.08 points to 2.97 in late trade.

Not all components moved higher. SOLARIA ENERGIA Y MEDIO AMBIENTE (BME:SLRS) was among the largest decliners, sliding 2.47% or 0.46 points to end the session at 18.13. Endesa SA (BME:ELE) fell 1.38% or 0.43 points to close at 30.66, while energy major Repsol (BME:REP) declined 1.18% or 0.19 points to 16.36.

Market breadth in Madrid favored advancing names, with 125 winners compared with 74 losers. Eighteen stocks were unchanged at the close.

Additional intra-session milestones included ArcelorMittal shares reaching five-year highs, closing up 3.92% at 47.77. Unicaja Banco shares reached an all-time high, finishing up 2.84% at 2.97.

Commodities moved unevenly during the session. April gold futures declined 0.21%, slipping by 9.90 to trade at $4,735.20 a troy ounce. In energy markets, March crude oil fell 5.15% or $3.36 to settle at $61.85 per barrel, while the April Brent contract dropped 4.75% or $3.29 to trade at $66.03 per barrel.

Currency markets were relatively stable. The euro held steady against the dollar, with EUR/USD essentially unchanged at 1.18 (a 0.32% movement noted), and EUR/GBP remained near 0.86 with a 0.12% change reported. The US Dollar Index Futures was firmer, up 0.52% at 97.36.


Market context and implications

The session's gains were driven by select financial, real estate and industrial names, which offset losses among several energy and utility stocks. The decline in oil and Brent prices coincided with underperformance among energy-sector equities, while precious metals edged lower. Currency and dollar-strength dynamics registered modest movement during the trading day.

What to watch next

Investors may monitor whether the sector-led advances broaden across the market or if energy and utilities continue to weigh on overall performance amid commodity volatility. The US Dollar Index Futures' uptick and the mixed commodity picture are factors market participants may consider when assessing near-term risk across sectors.

Risks

  • Volatility in oil prices - crude and Brent both fell significantly during the session, which may pressure energy and utility stocks.
  • Mixed commodity and currency movements - gold edged lower and the US Dollar Index Futures rose, introducing potential uncertainty for sectors sensitive to commodity and FX swings.
  • Concentrated sector gains - market strength was led by a few sectors, so a narrowing rally could expose the index to pullbacks if underperforming sectors persist.

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