Stocks Decline in Madrid
May 16, 2011
The Madrid General Index fell 2.44 points to 352.01, after adding. 0.48 on Monday. Volume climbed to 34.16 billion pesetas from 13.83 billion pesetas Monday with 12.85 million shares traded -- up from 5.76 million shares Monday. Union Fenosa rose 20 pesetas to 1,040 pesetas a share on volume of 125,904 shares in a technical rebound after dropping on the release of the company's first half results Monday. Uralita said Monday its first half consolidated net profit fell 59% to 1.55 billion pesetas from 3.77 billion pesetas in the same period a year earlier. Traders said the stock made a quick recovery Tuesday because the results had largely been discounted in the market. After the National Association of Purchasing Management report came in near expectations, U.S. markets began strengthening, carrying over into Spanish shares, traders said. The IBEX-35 index closed just above its technical support level of 4000.00, but traders said investors remain hesitant to take positions because of uncertainty over the direction of U.S. interest rates and the outcome of the U.S. bombing of Iraqi air defenses Tuesday.
VastPress 2011 Vastopolis
