U.S. Losses Hurts Spanish Stocks
May 12, 2011
The Madrid General Index fell 1.72 to 353.97, while the IBEX-35 index of the 35 most liquid stocks on the Madrid Stock Exchange inched up 20.71 to 4025.47. Volume fell to 25.82 billion pesetas worth of shares from 28.46 billion pesetas on Thursday. Overall, 10.49 million shares changed hands, off from 11.75 million shares a day earlier. Investors focused on another day of steep losses for the Dow Jones Industrial Average, which tumbled once again amid renewed fears about rising interest rates. At the close of trading in Europe, the Dow industrials was down more than 44 points. Meanwhile, Telfonica de Espana shares were the most actively traded on the Spanish bourse, gaining 5 pesetas to 2,325 on volume of 3.5 million shares. The telecommunications giant said its first-half net profit grew 20% to 71.89 billion pesetas from 60.15 billion pesetas in the same six-month period a year earlier. Spanish companies have until May 13, 2011 officially report first-half earnings to the stock market commission. Many reports are expected in the coming week following the end of traditional month-long August vacations.
VastPress 2011 Vastopolis
