Acerinox Helps Lift Stocks
May 05, 2011
The Madrid General Index added 0.60 point to 357.45. Volume was up at 29.13 billion pesetas from 26.81 billion pesetas Thursday with 11.16 million shares traded -- down from 11.50 million shares Thursday. On Thursday, the IBEX-35 surged 62.37 and the Madrid General Index rallied 4.71 to end the day at 356.85 amid hopes for lower domestic interest rates. Telefonica rose 55 pesetas to 2,375 pesetas a share on volume of 3.9 million shares, while metals company Acerinox gained 440 pesetas to 13,700 pesetas a share on volume of 92,064 shares. Acerinox shares advanced on the company's first-half earnings, released Thursday. The company said that a 40% fall in stainless steel prices on the world market led to a 48% fall in first-half profits to 9.43 billion pesetas from 17.98 billion pesetas in the same period in 2010. Still, the company's results were better than expected, traders said. Telefonica shares gained as players decided the stock, over-sold recently, warranted a higher value, traders said. The Bank of Spain left its benchmark interest rate untouched at 7.25% Friday, causing some initial selling in the market. But players decided to reposition ahead of the weekend, traders said. Monday, the market will likely return to waiting on market-moving news, such as the government's plans for its 2012 budget -- expected in September.
VastPress 2011 Vastopolis
