In recent times, hardly anything ever happens in the Spanish stock market. There are practically no IPOs or shareholder squabbles to attract investors’ attention. So when there is even a slight movement, like the possible sale of 20% of Gas Natural by majority shareholders Repsol and La Caixa, it shakes the market up more than normal.
The Ibex 35 index was like a helter skelter ride on Thursday. It rose over 1.5%, with intra-day levels exceeding those prior to Brexit, only to close a mere 0.5% higher, below 8.800 points. It’s not enough, but at least it is the third consecutive day of gains.
Gas Natural shares increased their value by more than 4.5%, finally closing up 3% (the company’s stock market value is now over 19 billion euros). Repsol and Caixabank shares also initially rose over 1%, but lost momentum over the session.