Wall Street's Rise Spurs Gains
May 10, 2011
The Madrid General Index inched up 0.67 to 358.48, after adding 2.50 on Tuesday. Volume was around 29.18 billion pesetas, down from 29.52 billion pesetas Tuesday with 11.49 million shares traded. Shares prices opened sharply higher on the momentum created by a stronger close on Wall Street Tuesday, but lost force throughout the session as Spanish bonds weakened and other European stock markets moved lower, traders said. Since the market appeared to lose steam by the close, traders expect it to weaken in profit-taking Thursday. Among specific shares, Telefonica de Espana shed 5 pesetas to 2,385 on volume of 2.5 million shares due to profit-taking, traders said. The 10-year benchmark bond was priced at 107.77 to yield 8.87%, compared with 108.05 late Tuesday to yield 8.83%.
