MADRID (Thomson Financial) - Share prices were slightly lower in light
midday trading, with heavyweights leading the broad market downwards amid
profit-taking after strong gains at the end of last week, while Telecinco
outperformed.
At 12:00 p.m., the IBEX-35 index was down 33.80 points at 14,026.60, after
trading in a range of 13,974 to 14,061.
Equities opened slightly lower after Wall Street's mixed performance on
Friday and extended losses over the morning in quiet trade, with London markets
closed for a bank holiday and amid an overall lack of fresh leads.
"We should remain above the key psychological 14,000 level reached on the
IBEX index last week for the next few days, but overall the market is at a
standstill," a trader at a leading Spanish brokerage said. Players are still
afraid to take significant positions."
Heavyweights dragged, with Santander dropping 0.13 euros to 13.97,
Telefonica slipping 0.01 to 19.17 and BBVA down 0.05 at 15.05.
Outperforming, Telecinco climbed 0.48 or 3.48 percent to 14.28, as
Wednesday's dividend payment offset generally negative sector sentiment and with
dealers also citing some bottom-fishing.
BME was also among the session's handful of gainers, 0.57 higher at 34.55,
extending recent strength and after it said equity trading volumes rose 22
percent in April from March to 116 billion euros.
Meanwhile, domestically focused banks came under pressure, with Sabadell off
0.03 at 6.49, Bankinter down 0.05 at 9.97 and Banesto slipping 0.06 to 12.02.
Selected constructor issues were also under pressure, with FCC shedding 0.74
to 47.03 and Ferrovial sliding 0.80 to 53.05.
Ebro Puleva added 0.15 to 13.91 after the Spanish foods group said it is
studying a stock market listing or the sale of its sugar division.
tfn.europemadrid@thomson.com
kd1/ped/ms1
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|