Stocks Slip Before Holiday
April 26, 2011
The IBEX-35 Index of the 35 most liquid stocks on the Madrid Stock Exchange lost 4.93 points to 4025.69. The Madrid General Index fell 0.39 points to 354.25. Among specific shares, steel producer Acerinox rose 250 pesetas to 12,810, one of several cyclical stocks that made gains Wednesday, traders said. A stronger peseta and bond market kept Spanish shares from falling in line with the close of U.S. shares Tuesday, traders said. Although volume was higher Wednesday, traders said most was made up of put-throughs, the only legal way in Spain to change the registration of a stock without changing its price. Investors were unwilling to take up positions in the market until next week, since many are expected to take a long weekend beginning with Thursday's national holiday, traders said. Spanish markets will reopen Friday, but traders expect little activity.
