Thursday, September 29

Ibex 35: balance sheet, letter to the Kings and projections for 2022

The last will be the first and in the case of 2021 and the Spanish stock market, and more specifically of the IBEX 35 this has been the case in the last year. But also the other way around. Values ​​like Solaria Y Siemens-Gamesa that were among the great winners of 2020 have become the red lanterns of the past year and vice versa. As Sabadell Bank , the last in line in 2020 has resurfaced like a phoenix at the head of a financial sector that no one was betting on at the beginning of the year.

A year from which much more was expected, in line with the Ibex highs set in June, although investors tried again in early November. On the 26th of that month, fear of the omicron variant colored Spanish equities red and only the values ​​linked to vaccines or the health sector have been saved from burning no end of the year rally

Light years away from the American indicators and their records, the Ibex has also lagged behind in terms of the rest of the European indicators. That almost 8% revaluation is half the length of the German DAX, that has presented advances of 15.7%. And that’s the best comparison by far, if we save the British Footsie 100.

And is that has lagged far behind in front of a Parisian CAC40 that rises above 28%, from the 22.5% that has grown the Italian MIBTEL or the Eurostoxx 50, whose advances almost touch a 21% recovery in 2021.

At the end the Ibex in the last five sessions advanced 1.75%, 4.98% is the rise of the last month, December, which in the end has recovered part of what was lost. Its quarterly balance shows falls very close to 1% while in 2021 it advances, specifically, 7.93%. With 26 positive values, from Rovi Laboratories a Amadeus and 9 negative from Siemens-Gamesa until Aena.

Ibex annual price of the indicator

¿ Y What awaits us in the markets in this just started 2022? We always say that nothing is set in stone, but much less what the financial markets are going to bring us in this year that has just started: instability, prudence and volatility, under the influence of inflation which will have to be followed closely because it can have a recession effect if it lasts beyond estimates and a serious complication for central banks and their expected tapering at two speeds, that of the FED deeper and hawkish and that of the ECB somewhat more moderate , at least at the beginning of the year.

The general perspective is that it will be a good year, but shorter than in 2021, which, in the Spanish case, on paper, is not very favorable. But that was estimated for the financial sector in 2020 and look: they have ended up in the Ibex with revaluations of between 67% of Banco Sabadell and the 16 of Caixabank .

For Norbolsa, The sectors in Europe to look at go through the financial one, with more experience, energy, although not utilities, infrastructures and also the automotive sector. The most negative part, for the pharmaceutical sector and defensive consumption.

And there are those who, as happens with GVC Gaesco, who has written the letter to the Magi of the East . Their majesties, who are already on their way with their pages and camels, recommend tourism, with Melia Hotels e IAG (Iberia) at the head, on behalf of Melchior.

IAG annual share price

In the case of the requests to Gaspar, they look at consumption, with Inditex , Ebro Foods and beyond our borders, to Fila and Unilever. Already for Baltasar, he reserves Solaria, Repsol e Iberdrola. The first for its better financial performance, the second for the recovery of its refinancing margin and Iberdrola for its great expansion, indicated by GVC Gaesco, outside Spain.

If you want to know the most bullish values ​​of the stock market, depend free on Investment Strategies.

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