Bond Market Boosts Stocks
March 31, 2011
The Madrid General Index rose 1.50 points to 358.19, and the IBEX-35 Index of the 35 most liquid stocks on the Madrid Stock Exchange advanced 18.05 points to 4055.10. Banco Bilbao Vizcaya closed flat at 5,450 pesetas a share on volume of 461,345 shares. BBV's first half consolidated net profit rose 20% to 57.54 billion pesetas. Traders said Friday's market was driven by strength in U.S. stocks and Spanish bonds. For Monday, traders expect Spanish stocks to open in line with the close of the U.S. stock market Friday, with no domestic market-moving news expected until Tuesday's Bank of Spain repurchase tender auction. The auction is the next opportunity for the bank to alter the benchmark interest rate, now at 7.25%.
