Thursday May 8, 05:30 PM
Madrid shares close up at highs as Telefonica, BBVA, Santander gain UPDATE
(updates with full report)
MADRID (Thomson Financial) - Share prices closed higher, reversing earlier losses in last minute trade on the back of a positive Dow Jones (news) , with Telefonica (Madrid: TEF.MC - news) extending earlier gains and as other heavyweights recovered, while Telecinco (Madrid: TL5.MC - news) headed losses.
The IBEX-35 index ended up 47.20 points at 14,074.00, after trading in a range of 13,881 to 14,074.
Equities opened lower, depressed by Wall Street's overnight sell-off amid escalating oil prices, but pared losses by midday, thanks to gains in heavyweights Telefonica and Iberdrola (Madrid: IBE.MC - news) .
The IBEX-35 index maintained light losses over the afternoon, only to rebound sharply in last minute trade and close at highs, in line with gains on Wall Street.
Telefonica extended earlier gains to close up 0.15 euros at 19.15, as investors took interest in safe-haven stocks, and amid hopes for solid first quarter results due next week.
Other heavyweights also closed higher, with Santander (Madrid: SAN.MC - news) up 0.06 at 14.17 and BBVA (Madrid: BBVA.MC - news) 0.05 up at 15.12.
Repsol YPF (Madrid: REP.MC - news) slipped 0.01 to 26.61.
Heading the losers was Telecinco, down 0.38 or 3.11 percent as concerns about a prolonged slowdown in Spain's advertising market outweighed the broadcaster's better-than-expected first quarter earnings.
Iberia (Madrid: IBLA.MC - news) also saw a sell-off, down 0.06 or 2.34 percent at 2.50, amid soaring oil prices.
Gamesa (Madrid: GAM.MC - news) rose 0.89 or 2.84 percent to 32.19, tracking Danish peer Vesta's recovery from initial losses after the wind turbine maker posted a weaker-than-expected set of first-quarter numbers but reiterated its full-year earnings guidance.
Iberdrola was also in demand, up 0.06 to 9.41, as investors wait to see whether or not it will bid for British Energy (LSE: BGY.L - news) this Friday.
Cintra (Madrid: CIN.MC - news) reversed earlier losses to put on 0.19 to 10.58, after reporting first quarter results and as investors hope for a bid this Friday for the Pennsylvania Turnpike.
Among smaller caps, Sol Melia (Madrid: SOL.MC - news) shed 0.28 or 2.89 percent to 9.41, after weak first quarter figures triggered concerns over the impact of a more negative economic backdrop in Spain and abroad for the rest of the year.
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