Wednesday May 7, 05:28 PM
Madrid shares close higher, off session highs after mixed U.S. data UPDATE
(Updates with full report)
MADRID (Thomson Financial) - Share prices closed higher, though off session highs after mixed U.S. data and a weak start on Wall Street, with Ferrovial leading, while Enagas (Madrid: ENG.MC - news) gave up earlier gains.
The IBEX-35 index ended up 21.00 points at 14,026.80, after trading in a range of 14,004.10 to 14,091.30.
Equities opened higher, lifted by an overnight recovery in the U.S., extending strength in early deals before easing gains in quiet trade ahead of U.S. housing and labour costs data.
The IBEX-35 index saw volatile trade through the afternoon as the U.S. reported a set of mixed data and higher-than-expected crude inventories which helped bring oil prices off recent highs.
Enagas reversed earlier gains, falling 0.16 euros to 19.46. Earlier, the group announced an increase in forecast investments to 2012 by 25 percent to 5 billion euros.
Ferrovial surged 2.40 or 4.42 percent to 56.75, while its Cintra (Madrid: CIN.MC - news) unit put on 0.25 or 2.47 percent to 10.39 ahead of first quarter results due tomorrow.
Santander (Madrid: SAN.MC - news) reversed earlier weakness, adding 0.05 to 14.11. The bank (NASDAQ: TBHS - news) had come under pressure through the morning after La Gaceta's rumour column said it is scouring the German market for acquisition opportunities and tipped the possible acquisition of Dresdner Bank from insurer Allianz.
Among other heavyweights, BBVA (Madrid: BBVA.MC - news) rose 0.06 to 15.07 and Telefonica (Madrid: TEF.MC - news) gained 0.05 to 19.00.
Repsol YPF (Madrid: REP.MC - news) fell 0.04 to 26.62, reversing earlier gains as the recent climb in oil prices eased after higher-than-expected U.S. crude inventories.
Telecinco (Madrid: TL5.MC - news) shed 0.42 or 3.32 percent to 12.23 extending yesterday's profit-taking as the stock goes ex-dividend today at 1.30 euros per share, and also weighed by a negative EC ruling on Spanish broadcasters' TV advertising minutes yesterday.
Antena 3 (Madrid: A3TV.MC - news) added 0.04 to 7.93, while Vocento (Madrid: VOC.MC - news) fell 0.15 to 11.50.
AGBAR soared 3.00 or 11.81 percent to 28.40, ahead of first quarter results due today, though traders noted that the stock can be volatile due to its small free float.
Adolfo Dominguez (Madrid: ADZ.MC - news) fell 1.99 or 9.19 percent to 19.67 after yesterday's weak figures for the first two months of the year and a cautious outlook.
Sol Melia (Madrid: SOL.MC - news) added 0.27 or 2.87 percent to 9.69 ahead of first quarter results tomorrow.
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