Mon. Aug 2nd, 2021
The IBEX

The IBEX 35 signed in November the best month in its history . Boosted by the effect of advances in vaccines, it shot up 25.18% to close above the 8,000 point barrier. Discounting the momentum, the index is at its highest levels since the outbreak of the health crisis.

The question that investors are now asking is what will happen with the traditional December rally which, if repeated for another year, would bring the IBEX closer to recovering its pre-pandemic levels.

But the market is divided on what may happen in December. The rise last month has been so strong that it is very possible that the index will have to take a break before returning to direct. Therefore, if the rally finally occurs, most believe it would take place in the final days of the month.

For now, the first sessions invite optimism, although the indicator still has important levels to overcome. “There is a tough nut to crack between 8,200 and 8,300 points,” says Carlos Galán , CEO of Scalping.es and Escuelatrading.es. “I see cuts, punctual, since it has risen a lot from the minimum, I also hope that there is a recovery,” he predicts, placing the rebound in “the days around Christmas.”

In this Friday’s session, the IBEX reached over 8,300 points at the close. If he manages to consolidate this level in the next sessions, Galán says that his next goal is 10,000, that is, at his highest records since the beginning of the year.

The main values
The presentation of Repsol’s new strategy for 2025 has been well received in the market. Bankinter analysts maintain their buy recommendation and place a target price of 9.8 euros per share, well above the current slightly more than 8.5 euros.

In their latest review of the oil company, they highlight the new remuneration policy for its shareholders presented by the CEO, Josu Jon Imaz. “We consider that Repsol has high potential and its greater position in renewables will have a positive impact in the long term,” they point out, recommending the value to “dynamic” investors looking for the long term due to the volatility of the oil market.

Following this criterion, Bankinter restructures its portfolio towards five large IBEX stocks based on their percentage of dividend yield: Iberdrola, with 3.7%; Banco Santander, with 3.1%, CIE Automotive, which reported 2.4%; Inditex, with 2.3% and Aena, with 1.4%

Telefónica, on the rise
Galán, for his part, maintains his commitment to Telefónica , of which he points out that it is far behind. Since its last revision three weeks ago, the company has appreciated more than 13%, registering an increase of 18% in one week.

“I still see it at 5 or 5.50 euros,” he points out. A price similar to that expected by the consensus collected by Bloomberg . The operator has an average estimate of 4.82 euros per share, even rising to 5.90 euros per share according to analysts at JB Markets or Banco Sabadell .

Acerinox is another of the values ​​that the December entry is doing the best. The steelmaker shoots up more than 6% in the first sessions, with a 4% boost this Friday that leads it to recover the 9 euros per share in which it closed in the previous month.

The latest review by Credit Suisse gives you a price target of 9.50 euros for the next 12 months. Thanks, above all, to the impact that the exit of the giant ATI from the US steel market will have. “Acerinox will be the company that will benefit the most, with an increase in its EBITDA of 30% until 2022”, points out analyst Carsten Riek.

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