Ibex-35 index closed with its biggest rise in two months, encouraged by the Fed – Investing.com Spain

MADRID (Reuters) – The rose Thursday, with strength after the Federal Reserve decided to keep interest rates on hold and to give clues about the pace of future hikes, in a session in which the price of Caixabank (MC:) was suspended shortly before the close, after which it announced that it would place nearly 10 percent of its own shares.

equity markets took well the comments of the central bank american in the sense that the growth of the u.s. economy looked more solid and that it would be necessary to raise rates to prevent the activity from overheating, and fuel high inflation.

“In today’s session have been overweight the positive effects of the conclusions of the FED, and have ignored the negative. The banking sector, which in theory should have reacted badly to any delay in the rate hikes, today has not followed that logic, and has gone up as well,” said Daniel Pingarrón, market strategist of IG.

In this context, the Ibex-35 index climbed 2 percent to 8.934,9 points, its biggest rise since last July 12, while the index of the pan-european advanced 1,65 per cent.

The values linked to the basic resources and energy, benefiting from a low interest rates in the united States as these contain the quotation of the dollar, the currency in which traded the main raw materials of the world, progress remarkable.

The steel mill Arcelor Mittal (MC:) rose 5.6 percent, the best value of the selective, while his companion industry Acerinox (MK:) advanced a at 2.22 percent.

The great support for the Ibex came from the textile group galician Inditex (MC:), which rebounded from falls yesterday after announcing its half year results and took a 3,74 percent.

The biggest banks, Santander (MC:) and BBVA (MC:), supported hikes with respective developments of the 2,275 and 2,81 percent.

In the sector, CaixaBank was suspended before the close when it was listed to 2,346 euros. The bank said after the market close that it will sell 9.9 percent of its own shares, valued at included 1,372 million euros in a placement to strengthen its capital, before the disbursement envisaged by the takeover bid by the Portuguese BPI (LS:).

The price of Caixabank gave way to a 3.1 per cent on Thursday.

Among the rest of great values, Telefonica (MC:) added 2.7 percent, Iberdrola (MK: a) 1.9 percent and Repsol (MC:) 0.9 percent.

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