Spanish Stocks: Amadeus, Endesa, Indra Sistemas, Sacyr Move

Spain’s benchmark IBEX 35 Index declined 1.1 percent to 10,613 at the 5:30 p.m. close in Madrid, paring Sept. 24’s 2.2 percent gain. The Madrid Stock Exchange General Index also dropped 1.1 percent to 1,094.62.

The following were among the most active stocks in the Spanish market. Symbols are in parentheses after company names.

Amadeus IT Holding SA (AMS SM) increased for a second day, gaining 1.6 percent to 13.33 euros. The flight-reservations provider was rated “overweight” in new coverage at Barclays Capital and “buy” at Caja Madrid Bolsa.

Banco Sabadell SA (SAB SM) dropped 1.5 percent to 3.70 euros, the fourth loss in the last five days. The Spanish bank will seek to buy another bank in Florida, probably in 2011, to add to its business there, Fernando Perez-Hickman, head of the lender’s U.S. business, told Negocio in an interview.

Banco Santander SA (SAN SM) sank 1.8 percent to 9.37 euros. M&T Bank Corp. and Santander’s merger talks, which had focused on combining Buffalo, New York-based M&T with Santander’s U.S. banking unit, fell apart late last week over a disagreement about who would have control of the combined institution, according to a person with knowledge of the matter.

Endesa SA (ELE SM) slipped 1.6 percent to 19.85 euros, breaking a two-day increase. The Spanish utility controlled by Enel SpA of Italy agreed to sell 80 percent of its natural-gas distribution assets to two infrastructure funds managed by Goldman Sachs Group Inc. to reduce debt.

Indra Sistemas SA (IDR SM) dropped 0.9 percent to 14.27 euros, snapping two days of gains. Spain’s largest computer- services company was rated “underweight” in new coverage at Barclays, which said in a research note that the “deeper than expected cuts in the public and defence budgets could hurt the company.”

Jazztel Plc (JAZ SM) gained for a second day, increasing 1.3 percent to 2.89 euros. The telecommunications operator was raised to “buy” from “underweight” at Santander.

Promotora de Informaciones SA (PRS SM) climbed 3.7 percent to 1.69 euros. Spain’s largest media company expects to win approval from competition regulators to sell its free-to-air channel Cuatro to rival Gestevision Telecinco SA.

Prisa, as the Madrid-based company is known, is in talks with the regulator about the possible conditions of the transaction and expects a positive resolution “soon,” Chief Executive Officer Juan Luis Cebrian said.

Telecinco (TL5 SM) declined for a second day, losing 1.4 percent to 8.37 euros.

Sacyr Vallehermoso SA (SYV SM) soared 4 percent to 4.49 euros,the fifth gain in six days. The construction company was raised to “hold” from “underweight” at Santander.

To contact the reporter on this story: Manuel Baigorri in Madrid at mbaigorri@bloomberg.net.

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net.

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