The IBEX 35 index closed at 8,831 points after gaining 1.31% on Monday. The index touched a high point of 8,881.71 during the day.
The banking and energy sectors pushed the index higher yesterday. The Spanish banks have little exposure to the Swiss giant Credit Suisse (NYSE:CS), and as a result, the investors’ confidence was quickly restored.
Pablo Hernandez de Cos, the governor of the Bank of Spain, has mentioned Spanish banks as “resilient” due to their solid capital and liquidity positions. This has helped them to withstand the recent mishaps in the global banking sector.
Overall, the European markets recovered from a rough week after investors absorbed the banking sector crisis. The European STOXX 600 gained 1.31% on Monday after a rebound in banking stocks.
Top Gainers and Losers
Among the risers, International Consolidated Airlines (ES:IAG) topped the list with a gain of 3.8%. Spanish banking giant Banco Bilbao Vizcaya Argentaria (ES:BBVA) followed the list after gaining 3.23% on Monday. BBVA recently announced a new share buyback program for €422 million.
BBVA’s rival companies, CaixaBank SA (ES:CABK), posted an increase of 3.19%, and Banco de Sabadell (ES:SAB) gained 1.71%.
On the technology front, Indra Sistemas SA (ES:IDR) was up by 3.21%.
On the losing end, pharmaceutical manufacturer Grifols SA (ES:GRF) was down 4.41% on Monday. The company’s stock has been trading down by more than 15% over the last five days after its weaker operational performance led to a negative outlook from Moody’s.
Another pharmaceutical company, Laboratorios Farmaceuticos ROVI SA (ES:ROVI), lost 3.03% during the day.
