• Thu. May 16th, 2024

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

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May 2, 2024

The Ibex 35 opened Thursday’s session with increases, looking to reach 10,900 points driven by Banco Sabadell, as a response to the exchange offer proposed by BBVA for a merger. The selective obtained 10,896 points at the beginning, showing a 0.38% increase and leaving behind the losses suffered in the previous session. Banco Sabadell led the gains on the Ibex 35, with an initial 8% increase that later stood at 6.65%. On the other hand, BBVA experienced losses of almost 2%.

BBVA offered Banco Sabadell a share exchange with a 30% premium, leading to significant movements in the stock market. 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 the Fed’s message on Wednesday, which left rates unchanged and hinted at a delay in the 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 the euro also saw slight changes.

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