Spanish Stocks: Almirall, Antena 3, Bankinter, Banco Santander

Spain’s IBEX 35 (IBEX) Index fell for a third straight day, losing 31.7, or 0.3 percent, to 9,268.

The following are among the most active stocks in the Spanish market today.

Almirall SA (ALM) gained 3.7 percent to 6.4 euros, rebounding from the lowest level in more than a year. The Spanish drugmaker, which fell yesterday after saying full-year profit will drop, “used conservative assumptions to calculate these impacts,” Kepler Capital Markets wrote in a note today. The brokerage kept its “hold” rating on the stock.

Antena 3 de Television SA (A3TV SM) dropped 1.4 percent to 4.86 euros, a fourth straight loss. BofA Merrill Lynch Global Research downgraded Spain’s second-largest commercial television channel to “underperform” from “neutral.”

Banco Bilbao Vizcaya Argentaria SA (BBVA) and Banco Santander SA (SAN SM), Spain’s largest banks, declined for a third day, falling 1.3 percent to 8.29 euros and 1.9 percent to 8.05 euros, respectively. Bankinter SA (BKT) dropped 1.5 percent to 4.57 euros.

“We continue to avoid banks in the peripheral European countries,” Andrew Lim, an analyst at Matrix Corporate Capital LLP wrote in a note.

“We continue to express a fundamental preference for northern European over southern European banks,” Nomura Holdings Inc. analysts wrote in a separate report.

Gestevision Telecinco SA (TL5) (TL5 SM) rose for the first time this week, gaining 4.7 percent to 8.16 euros. BofA Merrill Lynch upgraded Spain’s largest commercial TV station to “neutral” from “underperform.” The brokerage said in a note that “macro risks have been discounted by further share price declines.”

To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net.

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.

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