Stocks Gain as Bond Yield Falls
May 09, 2011
The Madrid General Index added 2.50 to 357.81, after falling 2.14 on Monday. Volume rose to 29.52 billion pesetas from 10.54 billion pesetas Monday with 11.92 million shares traded. The IBEX-35 index of the 35 most liquid stocks on the Madrid Stock Exchange closed a touch above its technical resistance level of 4075.00 after Wall Street opened higher. The Dow Jones Industrial Average, which slipped 28.85 on Monday, was ahead 7 points to 5701 in early afternoon trading Tuesday. On the Spanish bond market, the ten-year bond stood at 108.05 with a yield of 8.83%, up from 107.68 with a yield of 8.89% late Monday. Among specific shares, Telefonica de Espana led the market in terms of volume. Its shares climbed 25 pesetas to 2,390 on volume of 4.7 million shares. For Wednesday, traders said that since stocks closed at their resistance level, stocks could either see profit-taking or continue higher to the next resistance at 4,150.00.
VastPress 2011 Vastopolis
