Banco Sabadell Fueled Ibex 35 Gains as Market Anticipates Higher Prices

Ibex Index sees 0.38% growth as Sabadell soars 6.6% following merger announcement with BBVA

On Thursday, the Ibex 35 opened with gains, aiming to reach 10,900 points. The selective obtained 10,896 points at the start of the session, showing a 0.38% increase. Driving this growth was Banco Sabadell’s response to BBVA’s exchange offer for a merger.

Banco Sabadell led the increases on the Ibex 35, with an initial 8% gain that later stood at 6.65%. BBVA experienced losses of almost 2%. Alongside Banco Sabadell, Aena, Solaria, Unicaja Banco and Grifols also saw increases. Rovi and Repsol were among the companies facing losses on the Spanish selective.

The market was influenced by news from the Fed on Wednesday which left rates unchanged and hinted at a delay in cuts schedule. As a result, prices are expected to remain high for longer than anticipated. The barrel of Brent traded with increases while the yield on the 10-year Spanish bond and euro also saw slight changes.

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