Spain's IBEX 35 Closes Lower as Telecom and Energy Stocks Diverge

Spain's benchmark stock index, the IBEX 35, closed down 0.30% on Thursday, as broad-based losses in several key sectors offset gains in energy and consumer brands. The decline reflected wider market sentiment, with more stocks falling than rising on the Madrid exchange.

Sector Performance and Key Movers

The session's downturn was primarily driven by weakness in the Telecoms & IT, Consumer Services, and Building & Construction sectors. Market breadth was negative, with falling stocks outnumbering advancing ones on the Madrid Stock Exchange by a margin of 120 to 60, while 23 issues ended unchanged, according to closing data.

Among the session's worst performers were companies in the renewable energy and telecommunications infrastructure space:

• Solaria Energia y Medio Ambiente (SLRS) was the biggest decliner, falling 6.47%.
• Cellnex Telecom (CLNX) dropped 2.96%.
• Corporacion Acciona Energias Renovables (ANE) decreased by 2.59%.

Repsol Hits All-Time High on Surging Oil

Ad

In a notable divergence from the broader market trend, energy firm Repsol (REP) was the day's top performer, climbing 2.64% to close at an all-time high of 31.54. The rally in Repsol's shares coincided with a significant jump in global oil prices. Crude oil for November delivery rose 4.81% to $96.59 a barrel, while the Brent oil contract gained 4.72% to trade at $107.95 a barrel.

Other top gainers on the IBEX 35 included Puig Brands SA (PUIGb), which added 1.77%, and utility company Endesa SA (ELE), which rose 1.25%.

Broader Market Context

In other markets, precious metals saw modest losses, with Gold Futures for December delivery down 0.70%. Currency markets were relatively stable, as the EUR/USD pair was nearly unchanged at 1.14. Meanwhile, the US Dollar Index Futures, which measures the greenback against a basket of other major currencies, ticked up 0.23% to 101.04.