Another great year in the stock market has come to an end. He Ibex 35 has ended the last session of this December 31 – with closing at 2:00 p.m. – with a daily increase of 0.5%, up to 11,595 points. Not enough to overcome the monthly balance of December (-0.4%) or the quarterly (-2.38%)but enough not to tarnish an exercise to remember. 2024 leaves with an advance of 14.78% from 10,102 to almost 11,600, although below the annual highs recorded above 12,100.
All this without counting the additional dividend yield paid for its components. In fact, the Ibex 35 Total Return – which incorporates these direct payments to the shareholder – will add 20% in 2024 after rising 28% in 2023, from 26,332 to 33,718, and will do so by almost 20%, to exceed 40,200. In two years, the increase is 52%.
The increase in capital distribution to shareholders was one of the highlights of 2024. According to data from BME, the Spanish market has increased the remuneration to its shareholders via dividends by 25%, up to 34,655 million euros, in addition to having made share buyback programs worth 13.5 billion euros.
It is the second best exercise in a decade after that registered precisely in 2023, when an advance of 22.76% was signed. Between them, the benchmark index has appreciated 40% in its best two-year period since 2007, before the great financial crisis of subprime mortgages and the real estate bubble.
Despite the good annual scenario, the Spanish stock market recorded its third consecutive month of decline in December and dropped almost 3% in the quarter, marked by the result of the US elections, which on this occasion have had a great impact on the markets. . The Donald Trump’s victory and the rise to the White House of a political program that contains the threat of a trade war and public spending cuts has agitated investors in the final stretch of 2024, with a marked upward divergence on Wall Street compared to stock markets European.
Best and worst of the Ibex 35
Within the Ibex 35, the airline holding company IAG (Iberia, Vueling, British Airways) has taken the honorary trophy for best action in the index in these twelve months with an increase of more than 100%thanks to the good moment of tourism between the north and the south of Europe.
Sabadell Bank (+68%) has occupied second place after capturing the attention of investors after the hostile takeover bid it launched BBVA at the end of April. The operation has boosted the banks’ valuations on the stock market. Unicaja (+41%), Caixabank (+38%) and Bankinter (+30%) have completed the list of five biggest promotions of 2024.
At the bottom of the index, on the other hand, is the renewable energy company Solaria (-57%)followed by pharmaceutical Grifols (-40%) in the most turbulent year in its history due to the crisis of governance, accounting and trust with investors. I also go down hard Acciona Energía (-36%), affected by the bad financial moment of the sector.
The fashion, cosmetics and perfumes company has been placed next. Puig (-26%), which was released on the stock market in the middle of the year and entered the Ibex 35 just two months later. The gas network manager Enagas (-23%) and the socimi Colonial were the three worst, followed by Cellnex Telecom and the energy companies Acciona and Repsol.
Outside the Ibex 35, the outstanding performances of PharmaMar (+90%), Neinor (+77%), Aedas (+51%), San José (+49%), Amper (+36%) and Clínica Baviera (+36%). Likewise, two shares that have been subject to a takeover bid by their controlling shareholders have also shown notable increases, such as Alba Financial Corporation (+76%) and NH Hotels (+50%)absorbed by its Minor matrix.
On the opposite side, among the non-Ibex securities with the worst results, are Duro Felguera (-65%), affected by its pre-bankruptcy of creditors; Soltec (-54%), Urbas (-42%), Airtificial (-32%), Gestamp (-31%) and Amrest (-30%)owner of brands such as La Tagliatella.
Bitcoin, debt and dollar
2024 also says goodbye with a broad prominence of the cryptocurrencies due, again, to the change of government in Washington and the influence of Elon Musk in the new administration. The largest shareholder of Tesla and SpaceX is also one of the largest investors in crypto, although it is unknown how much and how many of them he is invested in, although in the past he has been linked to Bitcoin and Doge.
As a result of the results of the polls, the Bitcoin It has skyrocketed from $69,000 to over $100,000 since November 5. At the same time, despite the Trump Government’s proscribed spirit, the US dollar has appreciated against the euro until it is close to parity.
The change of cycle in interest rates by the European Central Bank (ECB) and the Federal Reserve (Fed) has resulted in prospects of lower rates in Europe compared to the US economy, which continues to show signs of greater strength. In fact, doubts about the extent of rate cuts in 2025 have caused bond yields to rise. public debt end up, with the 10-year US bond at 4.6% and the Spanish one at 3.07%.
In the energy scene, the barrel of Brent oil A year marked by stability around $74 has ended, despite the wars in Ukraine and the Middle East. He gas price It did rebound strongly in 2024 (+51%) until approaching the level of 50 euros / MWH, due to uncertainties about supply and the greater consumption that has occurred in both Europe and Asia.
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