Outstanding. That is the note obtained by the Stock Markets in the first six months, a difficult rating to maintain now that the holidays are coming, a period in which activity will drop but which will not be without tests with the results season and the central banks in the Diana. The Ibex 35 does not escape this current and, after closing the first six months with a rise of 9.26%, in the last five days the increases, including setbacks, have continued to win the game. The Spanish selective advances 9.67% so far this year, a mark that 22 of its members have managed to surpass with 11 of them reaching double it and five up to tripling it.
With an increase of 68.97% Fluidra is in the lead. The last listed company to become part of the selective has done so steadily and since March 29 it has risen 49.8%. But the good performance of the manufacturer of swimming pools and fountains is not limited to 2021, but is a trend that has continued in the last two years, a period in which the accumulated revaluation exceeds 268%. The company's shares have gone from the 9.6 euros registered at the end of 2018 to the current 35.4 euros. Once these promotions have been achieved, analysts consider that the moment of correction has arrived. The Bloomberg consensus sets the target price at 31.4 euros. 35.3% of the firms that follow the value recommend buying shares of the listed company, the same percentage that considers that the most appropriate thing is to sell, compared to 29.4% that advises keeping in the portfolio.
One step below is Sabadell, which has posted 58.3% so far this year. The entity, like the rest of the banks that make up the Ibex 35, beat the gains of the selective. BBVA adds 31.1%, Santander, 24.99% while CaixaBank and Bankinter rebound 20% and 28.26%, respectively. The greater appetite for risk as the recovery progresses has accelerated the rotation of portfolios from listed companies with a more defensive profile towards cyclical firms. Among the latter, banking stands out, one of the sectors hardest hit by the crisis. Although entities continue to show problems raising their margins in a zero-rate environment, experts are optimistic about the behavior of these firms on the stock market.
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Diego Jiménez AlbarracÃn, head of equities at Deutsche Bank's investment center, believes that bank valuations have been discounting a default rate that has not occurred. Now in an environment in which consumption is expected to pick up and with it credit, the lower provisions together with the injections of liquidity from the ECB constitute the perfect breeding ground for the banks to prolong the rally. The expert points out that the Spanish financial sector has made a great effort in recent years to gain efficiency and reduce costs.
The lifting of restrictions on mobility and the reopening of economies have helped raw materials to get out of the well into which the crisis had plunged them. The price recovery has been driven by the mismatch between demand and supply, a fact that has gained special relevance in recent sessions with Brent at $77. Benchmark oil in Europe is trading at 2018 highs due to OPEC+'s inability to reach an agreement to increase production in August. The recovery in commodity prices adds pressure to inflation and threatens to derail the recovery if central banks accelerate the withdrawal of stimulus, an idea that has been dismissed. But not everything is negative. Commodity appreciation is helping basic resource firms to prolong the rally. With increases of 20.67% and 35.14%, Repsol and ArcelorMittal are the leading exponents of the Spanish stock market.
In recent days, the collection of profits and the fall in debt yields have been supporting defensive companies such as Cellnex (21.85%) and Almirall (37.91%). The list of listed companies that double the profits of the Ibex is completed by the socimi Merlin (21.57%).
