Madrid, December 31 (EFE) .- The main indicator of the Spanish stock exchange, the IBEX 35, has closed the year with a rise of 3.66% with which adds two consecutive years and upwards and is ranked as the most profitable rate among the finest in Europe.
Although the cumulative increase since January is far from the 21.4% rise in 2013, IBEX has outperformed its European counterparts, and Frankfurt’s DAX gained 2.65% and MIB in Milan, 0.23%, while the stock markets of Paris and London have closed with annual losses of 0.54% and 2.71%, respectively.
The indicator has moved this year from year closing low of 9,669 reached on October 16 and maximum 11,187 of June 19.
The Spanish stock market started the year off right and superimposed to the crisis in the currencies of emerging countries, the slowdown in China or withdrawal of monetary stimulus in the US, where the main indicator of Wall Street began stringing highs.
The business results have provided support to equities, but also the sovereign debt market, where the risk premium climbed out of 200 basis points and began an uninterrupted path downward to close at 113.
Impervious to all the setbacks, the Spanish stock market closed the first quarter with a rise of 4.27%, despite the change of government in Italy, plans to extend the term of Greek rescue plan or tensions between Ukraine and Russia.
To this also contributed the hope of investors about the European Central Bank (ECB) decided to take measures to combat inflation and stimulate the economy with unconventional measures such as buying debt if necessary.
A mid-year, the revaluation of the IBEX 35 reached 10.15%, and only in June, gained 1.16 % thanks to the ECB further reduced interest rates to a minimum of 0.15%, the improvement of macroeconomic indicators and the maximum of Wall Street.
In summer, the IBEX broke a streak of seven months of gains because of the threat of a default in Argentina and the delicate situation of Portuguese banks, but also influenced the bad taste left by the “case” Gowex, company quoted on the Market Alternative Market (MAB) and demonstrated for years had falsified their accounts.
Again was the ECB which enabled the IBEX close in August lossless closer the possibility that the organism buy debt public; in September, a second cut in interest rates to a record low of 0.05% managed to mitigate the uncertainty aroused the Scottish referendum, but did not hide the obvious slowdown in growth in the euro area, especially in Germany.
The expected and very satisfactory results of the stress tests on European banks, that Spanish banks passed loosely, were not enough to stop the panic unleashed by the crisis of Ebola and the possibility that Greece will leave the program EU aid.
Despite the strong opposition of the Bundesbank, the ECB reiterated its willingness to buy sovereign debt to combat low inflation, but this push could not stop the fear of investors for the purpose of sharp drop in oil prices, currently at least five years.
This, together with the political crisis in Greece that the January 25 vote in elections that the government would give the party SYRIZA, supporter of renegotiating debt and even leave the euro, the IBEX plunged 4.56% in December, its worst month since June 2013
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